"RBI Report: Rise in Counterfeit Currency and Digital Fraud Challenges Banking System"
"RBI Report: Rise in Counterfeit Currency and Digital Fraud Challenges Banking System" According to the annual report for 2022-23 released by the Reserve Bank of India (RBI), there has been an increase in the detection of counterfeit currency notes in the banking system. The report indicates that there was a rise of 14.4 percent in counterfeit currency notes of ₹500 denomination, while those of ₹20 denomination saw an increase of 8.4 percent. Out of all the fake currency notes detected, 4.6 percent were found at the RBI, while 95.4 percent were detected at other banks. On the other hand, counterfeit notes of ₹10 denomination decreased by 11.6 percent, ₹100 denomination notes declined by 14.7 percent, and ₹2,000 denomination notes decreased by 27.9 percent. In terms of value, the share of ₹500 and ₹2,000 banknotes increased to 87.9 percent of the total value of notes in circulation as of March 31, compared to 87.1 percent from the previous year. In terms of volume, ₹500 bankno...