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US Flags "Significant" Data Gap As Bank Deploy AI In Fraud Prevention
The US financial sector faces a "significant" data gap between big and small banks as they deploy AI to fight fraud, the Treasury Department said Wednesday, noting that smaller institutions are disadvantaged.
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Valuables Worth Rs 78 Lakh Seized In Bank Fraud Of More Than Rs 300 Crore
Valuables worth Rs 78 lakh were seized after the Enforcement Directorate conducted searches against some oil and gas sector companies as part of a money laundering probe linked to an alleged bank loan fraud of more than Rs 300 crore.
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Number Of Bank Frauds Rose In 2022-23, Amount Involved Halved: RBI Data
The number of frauds in the banking sector went up to 13,530 in 2022-23 year-on-year, but the amount involved nearly halved at Rs 30,252 crore, showed a Reserve Bank data released on Tuesday.
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Banking Frauds Of Over Rs 100 Crore Declined Significantly In 2021-22
Frauds in the banking sector involving sums of over Rs 100 crore have declined significantly, with banks reporting cases worth Rs 41,000 crore in 2021-22 compared to Rs 1.05 lakh crore in the previous year.
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Frauds In Public Sector Banks Fall 51%; But Not Falling Fast Enough: RBI
Public sector banks reported over 51 per cent dip in the amount involved in frauds to Rs 40,295.25 crore during the financial year ended March 2022, the Reserve Bank of India has said.
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No State-Run Bank Staff Found Involved In ABG Shipyard Case: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Tuesday said no public sector bank employees were found to be involved in the Rs 14,349 crore bank fraud by ABG Shipyard Ltd (ABGSL), and CBI has registered a case against the company and its directors last month.
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Measures Taken To Protect Bonafide Decisions Of Banks: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman told the Parliament that government has taken measures to protect bonafide commercial decisions of banks
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Gems & Jewellery Sector Pares Outstanding Debt By 26% To $8 Billion
The industry has faced difficulties in securing institutional credit in the wake of a few bank fraud cases, and the disruption due to the COVID-19 pandemic
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4, Including Bank Manager, Arrested For Alleged Fraud In Gujarat: Police
A manager of a Vadodara-based public sector bank was arrested on Monday along with three others for allegedly withdrawing Rs 1.75 crore from a fixed deposit and transferring the money to two other accounts using forged documents, the police said.
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7 Arrested For Allegedly Trying To Fraud Bank Of Rs 50 Crore In Mumbai
Seven people were arrested for allegedly trying to defraud a leading private sector bank of Rs 50 crore by attempting to pass off fake fixed deposit slips as original, the police said today.
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10 Things To Know About Latest Amendments To Insolvency And Bankruptcy Code (IBC)
The Union cabinet, chaired by Prime Minister Narendra Modi, on Wednesday cleared amendments to the Insolvency and Bankruptcy Code (IBC) to ease the insolvency resolution process and promote ease of doing business. Aimed at streamlining of the insolvency resolution process, the IBC Amendment Bill seeks to protect last-mile funding and boost investme...
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CBI Conducting Searches In Connection With 35 Bank Fraud Cases: Report
The Central Bureau of Investigation (CBI) is conducting searches in 169 locations across the country in connection with 35 bank fraud cases, which were registered by it and involve funds of over Rs 7,000 crore, officials said today.
-
RBI Revamps Departments For Effective Supervision, Regulation Of Banking Sector
The banking sector has witnessed a series of scams, including about Rs 14,000 crore fraud in Punjab National Bank and the recent PMC Bank crisis that affected lakhs of depositors.
-
Mehul Choksi Cheated Punjab And Sind Bank Of Rs 44 Crore: Report
Diamantaire Mehul Chinubhai Choksi cheated Punjab & Sind Bank (PSB) of Rs 441 million, the public sector bank revealed on Saturday.
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In Alleged E-Mail Fraud, Crores Sent To Fake Account By Government Firm
The CBI has registered a case against top officials of a public sector helicopter service company on the basis of a Central Vigilance Commission (CVC) complaint that they had transferred Rs 1.85 crore to a fake bank account in Indonesia instead of a Russian firm contracted for servicing chopper engines in 2016. The objective of the probe is to chec...
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US Flags "Significant" Data Gap As Bank Deploy AI In Fraud Prevention
The US financial sector faces a "significant" data gap between big and small banks as they deploy AI to fight fraud, the Treasury Department said Wednesday, noting that smaller institutions are disadvantaged.
-
Valuables Worth Rs 78 Lakh Seized In Bank Fraud Of More Than Rs 300 Crore
Valuables worth Rs 78 lakh were seized after the Enforcement Directorate conducted searches against some oil and gas sector companies as part of a money laundering probe linked to an alleged bank loan fraud of more than Rs 300 crore.
-
Number Of Bank Frauds Rose In 2022-23, Amount Involved Halved: RBI Data
The number of frauds in the banking sector went up to 13,530 in 2022-23 year-on-year, but the amount involved nearly halved at Rs 30,252 crore, showed a Reserve Bank data released on Tuesday.
-
Banking Frauds Of Over Rs 100 Crore Declined Significantly In 2021-22
Frauds in the banking sector involving sums of over Rs 100 crore have declined significantly, with banks reporting cases worth Rs 41,000 crore in 2021-22 compared to Rs 1.05 lakh crore in the previous year.
-
Frauds In Public Sector Banks Fall 51%; But Not Falling Fast Enough: RBI
Public sector banks reported over 51 per cent dip in the amount involved in frauds to Rs 40,295.25 crore during the financial year ended March 2022, the Reserve Bank of India has said.
-
No State-Run Bank Staff Found Involved In ABG Shipyard Case: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman on Tuesday said no public sector bank employees were found to be involved in the Rs 14,349 crore bank fraud by ABG Shipyard Ltd (ABGSL), and CBI has registered a case against the company and its directors last month.
-
Measures Taken To Protect Bonafide Decisions Of Banks: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman told the Parliament that government has taken measures to protect bonafide commercial decisions of banks
-
Gems & Jewellery Sector Pares Outstanding Debt By 26% To $8 Billion
The industry has faced difficulties in securing institutional credit in the wake of a few bank fraud cases, and the disruption due to the COVID-19 pandemic
-
4, Including Bank Manager, Arrested For Alleged Fraud In Gujarat: Police
A manager of a Vadodara-based public sector bank was arrested on Monday along with three others for allegedly withdrawing Rs 1.75 crore from a fixed deposit and transferring the money to two other accounts using forged documents, the police said.
-
7 Arrested For Allegedly Trying To Fraud Bank Of Rs 50 Crore In Mumbai
Seven people were arrested for allegedly trying to defraud a leading private sector bank of Rs 50 crore by attempting to pass off fake fixed deposit slips as original, the police said today.
-
10 Things To Know About Latest Amendments To Insolvency And Bankruptcy Code (IBC)
The Union cabinet, chaired by Prime Minister Narendra Modi, on Wednesday cleared amendments to the Insolvency and Bankruptcy Code (IBC) to ease the insolvency resolution process and promote ease of doing business. Aimed at streamlining of the insolvency resolution process, the IBC Amendment Bill seeks to protect last-mile funding and boost investme...
-
CBI Conducting Searches In Connection With 35 Bank Fraud Cases: Report
The Central Bureau of Investigation (CBI) is conducting searches in 169 locations across the country in connection with 35 bank fraud cases, which were registered by it and involve funds of over Rs 7,000 crore, officials said today.
-
RBI Revamps Departments For Effective Supervision, Regulation Of Banking Sector
The banking sector has witnessed a series of scams, including about Rs 14,000 crore fraud in Punjab National Bank and the recent PMC Bank crisis that affected lakhs of depositors.
-
Mehul Choksi Cheated Punjab And Sind Bank Of Rs 44 Crore: Report
Diamantaire Mehul Chinubhai Choksi cheated Punjab & Sind Bank (PSB) of Rs 441 million, the public sector bank revealed on Saturday.
-
In Alleged E-Mail Fraud, Crores Sent To Fake Account By Government Firm
The CBI has registered a case against top officials of a public sector helicopter service company on the basis of a Central Vigilance Commission (CVC) complaint that they had transferred Rs 1.85 crore to a fake bank account in Indonesia instead of a Russian firm contracted for servicing chopper engines in 2016. The objective of the probe is to chec...
