<h1>Financial Fraud in India Rises: Public Sector Banks Hit Hardest; RBI Calls for Stronger Controls.</h1> The banking sector in India has seen a significant rise in financial fraud, with the amount involved increasing from Rs. 2038 crore in 2009-10 to Rs. 8646 crore in 2012-13. Despite a decrease in the number of fraud cases, the financial impact has grown, particularly in large-scale advance-related frauds. Public sector banks are primarily affected, accounting for 83% of the total fraud amount. Technology-related frauds are prevalent but involve smaller amounts. The Reserve Bank of India emphasizes the need for robust fraud management, improved corporate governance, and timely reporting to mitigate these risks.