The recent rise in fraud in the financial ecosystem is a cause for concern. The RBI’s ‘Report on Trends and Progress of Banking in India’, notes that the value of fraudulent activities in banking operations has risen from ₹11,261 crore in 2023-24 to ₹34,771 crore in 2024-25.
Apart from the obvious monetary losses, frauds cause a crisis of confidence and trust among customers that threatens the momentum of financial inclusion and the growth of the sector.
Considering these drastic and cascading effects of frauds, the RBI is deliberating important policy interventions to address frauds in digital payments.
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