Frauds reported by banks during the first half of the financial year 2019-20 touched an all-time high amount of Rs 1.13 lakh crore due to delay in detection by lenders, according to an RBI report.
The report showed that these involved 4,412 fraud cases involving Rs 1 lakh or more.
In FY 2018-19, banks had reported 6,801 cases of fraud involving Rs 71,543 crore.
"An analysis of the vintage of frauds reported during the FY19 and H1FY20 shows a significant time-lag between the date of occurrence of a fraud and its detection," said RBI's latest Financial Stability Report.
The amount involved in frauds that occurred between FY 2000-01 and FY 2017-18 formed about 90.6 percent of the frauds reported in 2018-19 in terms of value.
Similarly, 97.3 percent of the frauds reported in the first half of FY20 by value occurred in previous financial years.
During the first half of 2019-20, banks reported 398 cases of large value frauds (above Rs 50 crore) worth Rs 1.05 lakh crore.
Out of these, 21 cases of frauds were involving funds over Rs 1,000 crore and cumulatively measured Rs 44,951 crore.
The report said loan-related frauds continued to dominate in aggregate, constituting 90 percent of all frauds reported in FY19 by value and 97 percent of all frauds reported in April-September 2019.