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Last Updated : May 02, 2019 12:25 PM IST | Source:

Indian banks lost Rs 109.75 crore to theft and online fraud in FY18

Under the RBI's revised guidelines, liability will be shared by banks and customers depending on the circumstances under which the fraud took place.

Rohan Abraham @gershwin93

Bank heists have not gone out of fashion just yet, both as a cinematic trope, and also as a shortcut to riches. A total of 972 such incidents were reported in 2017-18, roughly three every day, according to data collated by the Reserve Bank of India (RBI).

The information was furnished by the Minister of State (MoS) for Finance in the Lok Sabha in response to a question regarding the number of ATM robberies, and the safety of financial outposts in the country. The data presented in the lower house of parliament includes incidents of robbery, dacoity, burglary, and theft directed at financial institutions in the last three years.

The banking sector lost a total of Rs 168.74 crore to organised crime directed at ATMs in the past three years. This includes figures for the first quarter of FY19. Between April and June 2018, 261 incidents were reported, entailing a loss of of Rs 18.85 crore to banks.