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The Finance ministry is concerned about the rising cases of bank frauds in the country and has decided to investigate the matter. Financial services secretary Vivek Joshi will hold consultations next week with officials from RBI, Trai, telecom department, and NPCI. The parliamentary panel has already consulted with the finance ministry and PNB MD. Reported fraud cases increased by almost 50% last year. The UCO Bank incident, involving an erroneous credit of Rs 820 crore, triggered the investigation. The bank is yet to clarify if it was a technical glitch or a hacking attempt, and the matter has been reported to law enforcement agencies.
