Mumbai: The number of frauds in the banking sector went up to 36,075 in 2023-24 year-on-year, but the amount involved reduced by 46.7 per cent to Rs13,930 crore, according to the Reserve Bank’s annual report released on Thursday.

The RBI report also said that with an aim to curb frauds and enhance the payment experience further, the introduction of real-time payee name validation before the actual fund transfer will be explored in compliance with newly enacted ‘The Digital Personal Data Protection Act, 2023’. During 2023-24, the amount involved in frauds was Rs13,930 crore, down from Rs26,127 crore a year ago. The number of frauds rose by 165.96 per cent to 36,075 during 2023-24 from 13,564 in the preceding financial year.

An assessment of bank group-wise fraud cases over the last three years indicates that while private sector banks reported maximum number of frauds, public-sector banks (PSBs) continued to contribute maximum to the fraud amount, said the Annual Report for 2023-24.