Federation: Banking frauds during FY 2018 a staggering ₹32,000 crore

The Reserve Bank of India in Kolkata (file photo)

Saying the total amount of banking fraud in the 2018 fiscal stood at ₹32,000 crore, the Bank Employees Federation, West Bengal has demanded that RBI restore trust of customers in banking services

Stressing that the total amount of banking fraud in the 2018 fiscal stood at Rs 32,000 crore, the Bank Employees Federation, West Bengal (BEFWB), demanded in Kolkata on Friday, August 10 that the Reserve Bank of India restart its branch-level on-site inspection immediately and restore the trust of customers in banking services.

The Federation also called for strengthening the supervision of ATMs both by engaging security guards and using the available technology.

"During the Financial year 2018, the total amount of fraud stands at a staggering ₹32,000 crore. We demand RBI restart its branch level on-site inspection immediately and restore the trust of the customers in banking services," BEFWB General Secretary Joydeb Dasgupta said.

“We demand RBI restart its branch level on-site inspection immediately and restore the trust of the customers in banking services,” said BEFWB General Secretary Joydeb Dasgupta

"Let RBI act as an independent regulator and supervisor of banks to ensure the fullest safety of all account holders and ATM clients by strengthening the supervision of ATMs both by engaging security guards and using available technology," said Dasgupta.

He also asked the RBI to coordinate with the Central government, respective state governments and all the banks.

He expressed his dismay over two lakh contract workers engaged as security guards mostly at ATMs being under the process of retrenchment. "Already thousands have lost their jobs after rendering regular services for 15-20 years," he added.

In West Bengal alone, some 5,000 employees have been fired by banks, he said.

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