India’s banking sector reported a 46% year-on-year jump in frauds to Rs 48,021 crore in FY26, the highest in three years, even as the number of fraud cases more than halved to 10,114 from 23,722 in FY25, according to the Reserve Bank of India’s Annual Report. The fraud amount in FY26 was more than four times the Rs 11,013 crore reported in FY24. Public sector banks accounted for 74% of the total fraud amount in FY26, reporting frauds worth Rs 35,709 crore across 5,418 cases. Private sector banks reported Rs 11,399 crore involving 3,956 cases. The RBI said data for FY26 included fraud classification in 314 cases amounting to Rs 30,199 crore pertaining to previous financial years, which were reported afresh after re-examination in compliance with the Supreme Court’s March 27, 2023 judgement.