Frauds per transaction rising: T Rabi Sankar

Frauds per transaction as detected by banks are rising from July of the current year after steady decline since the beginning of the year, said T Rabi Sankar, deputy governor, Reserve Bank of India on Friday.

- ANJALI KUMARI

“It’s important to realise that in any system, there is some degree of fraud. If you look at frauds per number of transactions, we would see that compared to last year, from the beginning of the year, that incidence kept on reducing substantially until about July, when it again started rising up,” Sankar said at the SBI Banking and Economics Conclave.

“So they might be cyclical. They might be going up and coming down, but we are hoping that with the digital infrastructure that we are creating, and the success that we are seeing — we are seeing a success of more than 90 per cent at this stage — we will be able to contain that,” he added.