State Banks in India Report Fraud of $13 Billion in 6 Months and They Want to Ban Bitcoin Because of Possibility of Fraud


In only six months this year between April and September 5,743 cases of fraud were reported by the State-run banks in India.

This is what Indias Finance Minister told legislators on 19 November adding that the amount of Fraud is Rs 95,760 crore ($13,34 billion) according to Reuters report.

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“Government has taken comprehensive measures to curb the incidence of fraud in banks,” the finance minister said.

Action was taken to freeze 338,000 bank accounts of inactive companies in the last two years and to seize the property of financial guilty parties, Reuters revealed.

According to the Reserve Bank of India’s (RBI) yearly report for FY19 released in august this year, Bank frauds increased by 15% from the last year.

 “The number of cases of frauds reported by banks increased by 15 percent in 2018-19 on a year-on-year basis, with the amount involved rising by 73.8 percent, though mostly related to occurrences in earlier years,” the report mentioned.

According to the central bank report the public sector banking which has the largest market share in the bank lending market was responsible for the biggest share of fraud in 2018-19.

The Indian government, known fro their unfriendly attitude toward bitcoin and cryptocurrencies allegedly because of risks of loss or possibility of fraud, yet their state-run banking system is full of fraud.

It is awful the fear governments have from crypto, especially in corrupt third wold corrupted countries.


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Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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