Several people were cheated in the last few years by cyber frauds because they have stored their card data on the merchants website for future payments.

SBI paid Rs 67.84 crore for the acquisition of 13.42 per cent stake in SBI Global Factors Ltd (SBIGFL), it said.

Also, there have been changes like larger reliance on corporate bonds and a structural shift in the economy towards the services sector, he said. A few years ago, banks were persuaded by policy makers to not to give so much loans to the industrial segment given the experience of lumpy sour loans, and rather focus on retail credit to serve the financial inclusion priority.

"Money has been recovered from fraudulent accounts that were almost given up. I want to say that no fraudulent account will be left without going to court. Fraudsters have no place in this country and they will not be allowed to take banks for a ride. We will pursure every rupee of and ensure it comes back to bank accounts," Sitharaman said.

The country's largest lender, State Bank of India (SBI) on Thursday clarified that it has not been identified as a nodal bank for handling Russia-related transactions.

A centralised processing centre has been operating in Gujarat GIFT City, which in turn supports the technology behind the whole gamut of trade finance operations offered to those customers, who otherwise pay more to get bank services compared with large companies.

In addition to the company, the CBI has also named its directors Ashok Yogender Punj, Rajender Kumar Bahri, Chitranjan Kumar, Jagdishchandra Goel and Alok Yogender Punj as accused in the case.

This assumes importance in strengthening financial stability amid global economic headwinds which saw inflation across the globe skyrocketing following supply side disturbance as a result of the Ukraine-Russia war. The 26th FSDC meeting held in Mumbai was chaired by the union finance and corporate affairs minister Nirmala Sitharaman.