Published on 19/11/2019 4:37:26 PM | Source: Reuters

India`s state-run banks report frauds of more than $13 billion in six months: finance minister

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NEW DELHI  - India's state-run banks reported fraud worth 957.6 billion rupees ($13.34 billion) in the first six months of the fiscal year 2019/20 ending in March, finance minister told lawmakers on Tuesday.

The number of fraud cases touched 5,743 during April-Sept. period.

"Government has taken comprehensive measures to curb the incidence of fraud in banks," Nirmala Sitharaman, India's finance minister told the upper house of parliament.

The measures included the freezing of 338,000 bank accounts of inoperative companies in the last two financial years and an enactment of a law with a provision to confiscate the property of economic offenders.

($1 = 71.7880 Indian rupees)

(Reporting by Manoj Kumar and Aftab Ahmed, editing by Louise Heavens)