State-run banks report frauds of over $13 bn in April-September
Nirmala Sitharaman | Photo Credit: Reuters

India’s state-run banks reported fraud worth 957.6 billion rupees ($13.34 billion) in the first six months of the fiscal year 2019/20 ending in March, finance minister told lawmakers on Tuesday.

The number of fraud cases touched 5,743 during April-Sept. period.

“Government has taken comprehensive measures to curb the incidence of fraud in banks,” Nirmala Sitharaman, India’s finance minister told the upper house of parliament.

The measures included the freezing of 338,000 bank accounts of inoperative companies in the last two financial years and an enactment of a law with a provision to confiscate the property of economic offenders.

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