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Total frauds at banks rise 74% to Rs 71,543 crore in 2018-19: RBI
“Public sector banks accounted for a bulk of frauds reported in 2018-19 — 55.4 per cent of the number of cases reported and 90.2 per cent of the amount involved — mainly reflecting the lack of adequate internal processes, people and systems to tackle operational risks,” the RBI’s report on ‘Trends and Progress of Banking 2018-19’ showed.
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