New Delhi: The amount involved in frauds reported by banks and select financial institutions based on the date of occurrence of fraud declined by 8 per cent in the last two years. The amount reduced significantly from Rs 32,178 crore in 2019-20 to Rs 3,785 crore in 2021-22, Union minister Bhagwat Karad said on Monday.
Citing the Reserve Bank of India data, the Minister of State for Finance in a written reply to the Lok Sabha shared that the frauds involving the amount of Rs 11,800 crore were detected in 2020-2021.
Meanwhile, India’s gross non-performing assets (GNPAs) have come down to a six-year low of 5.9 per cent as of March 2022. However, our NPA ratio is still among the highest among comparable countries, according to a report.
India’s NPA ratio is the most after Russia which has bad loans of 8.3 per cent. India is followed by South Africa with 5.2 per cent NPA ratio in large markets. China has NPA ratio 1.8 per cent, while it is 2.6 per cent for Indonesia and just 1.1 per cent for the US, the lowest.
In reply to another question, Karad said the Government, in view of the unprecedented and extreme Covid-19 situation, provided ex-gratia relief to eligible borrowers, by way of payment of the difference between compound interest and simple interest, on the outstanding as of February 29, 2020, for the moratorium period, i.e. from March 1, 2020, to August 31, 2020.
