Fraud on banks, more by the rich, says RBI’s K. C. Chakrabarty

“When the times are good, the rich steal. When the times are bad, the poor people also steal. But this means rich people are stealing more,” said K. C. Chakrabarty, RBI Deputy Governor.

An analysis of the frauds reported in the banking system over the last two decade shows that the number of frauds had not gone up significantly, but the quantum has increased manifold.

Loan-related frauds are a major concern for the central bank, Chakrabarty said. Read more