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Banking Transactions That Could Be Considered Suspicious: 10 Points

17 September, 2017 3:23 AM
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Banking Transactions That Could Be Considered Suspicious: 10 Points

Banks reported nearly six-fold jump in suspicious transactions in in 2016-17.

The number of suspicious financial transactions flagged by banks and other financial institutions went up sharply in 2016-17. This is according to the RBI's annual report which was released last month. The RBI report said banks reported nearly six-fold jump in suspicious transactions from 61,361 in 2015-16 to 3.61 lakh in 2016-17. The number was 45,858 in 2014-15, according to the RBI report. The figures are based on the suspicious transactions reported by banks to Financial Intelligence Unit of Ministry of Finance. Other than banks, other entities like financial institutions and intermediaries like non-banking financial companies, chit funds, stock brokers have also reported a sharp jump in suspicious transactions.

(A break-up of suspicious financial transactions detected in 2016-17, according to the RBI report)

Source: ndtv.com

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