PSBs’ compensation against fraud jumps 3x in FY24

New Delhi: Public-sector banks (PSBs) have reported over three-fold jump in compensation towards frauds or e-frauds reported by their customers to Rs140 crore during 2023-24, Parliament was informed on Tuesday.

The amount of compensation paid by these banks stood at Rs42.70 crore in the previous fiscal, Finance Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. Union Bank of India paid the highest compensation of Rs74.96 crore followed by Bank of India at Rs20.38 crore and Indian Bank at Rs16.16 crore during FY24, she said.