State-run banks lost ₹95,700 crore to bank frauds in the first 6 months of financial year: FM
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Finance Minister Nirmala Sitharaman said on Tuesday that India’s state-run banks reported frauds worth 958 billion rupees ($13.3 billion) in the first six months of the financial year, from April to September 2019. According to the RBI, there were around 6,800 cases of bank fraud involving Rs 71,500 crore in 2018-19. Sitharaman said the government has taken comprehensive measures to curb the incidence of fraud in banks.