India lost at least Rs 100 crore every day to bank fraud or scams over the past seven years, although there was a year-on-year reduction in the total amount involved, according to RBI data.

The finance ministry, however, said measures put in place for prompt reporting and prevention had led to incidence of fraud decrease year on year.

RBI classifies frauds under eight categories: misappropriation and criminal breach of trust; fraudulent encashment through forged instruments, manipulation of books of account or through fictitious accounts and conversion of property; unauthorised credit facilities extended for reward or for illegal gratification; negligence and cash shortages; cheating and forgery; irregularities in foreign exchange transactions and any other type of fraud not coming under the specific heads as above. A break-up under each of these categories wasn't immediately available.

According to a finance ministry statement, "improved detection and reporting, including legacy stock of NPAs, accompanied with comprehensive steps taken to check frauds have resulted in a sharp decline in occurrence".

From Rs 67,760 crore in 2015-16, the quantum of money lost to fraud dipped to Rs 59,966.4 crore in 2016-17. The two years that followed reported under Rs 45,000 crore. In 2019-20, the number further dropped to Rs 27,698.4 crore and then to Rs 10,699.9 crore in 2020-21. The amount in the first nine months of this fiscal stands at Rs 647.9 crore.