.............The RBI’s Study Group on Large Value Bank Frauds defines fraud as “a deliberate act of omission or commission by any person, carried out in the course of a banking transaction or in the books of account maintained manually or under computer system in banks, resulting into wrongful gain to any person for a temporary period or otherwise, with or without any monetary loss to the bank”. A 2012 survey by consulting firm Deloitte Touche Tohmatsu India found that a high proportion of respondents identified retail banking (77 per cent), corporate banking (57 per cent) and private sector lending (33 per cent) to be the principal areas in which fraud occurs. The latter two are likely to be the areas where the big fraud cases lie, whereas retail banking has a large number of small instances of fraud that drive down the average size of frauds..........
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