Public sector banks (PSB) reported fraud worth more than Rs 19,964 crore in a total of 2,867 cases during the April-June quarter of the current fiscal year, according to a response to an RTI inquiry.
The nation’s largest lender, State Bank of India (SBI), recorded the highest number of fraud cases; however, the Bank of India was hit the hardest in terms of value, according to a response from the Reserve Bank on the fraud reported by these lenders to RTI activist Chandra Shekhar Gaur.
Of the 12 PSBs, SBI reported the maximum of 2,050 fraud cases involving Rs 2,325.88 crore during April-June 2020.
Bank of India received the biggest impact in terms of valuation with Rs 5,124.87 crore in 47 cases, followed by Canara Bank Rs 3,885.26 crore in 33 cases, Bank of Baroda Rs 2,842.94 crore in 60 cases, Indian Bank Rs 1,469 , 79 crore in 45 cases, India Overseas Bank Rs 1,207.65 crore in 37 cases and Bank of Maharashtra Rs 1,140.37 crore in 9 cases.
Compared to these, the second largest public sector lender, the Punjab National Bank (PNB), reported a much lower amount of fraud at Rs 270.65 crore, even when the number of cases was 240.
Among others, UCO Bank had Rs 831.35 crore as fraud reports in 130 cases, Central Bank of India Rs 655.84 crore in 149 cases, Punjab and Sind Bank Rs 163.3 crore in 18 cases and Union Bank of India reported the least amount of fraud at Rs 46.52 crore in 49 cases.
The data may change subject to rectification / update made after the first notification by banks (regarding personal fraud), the RBI said in the response.
“The amount involved does not correspond to the loss suffered by the declaring bank. Furthermore, the borrower / fraudster must not have diverted the total amount loaned in the case of loan accounts. In the case of borrower accounts, the amount involved may refer to the outstanding amount on the books of the declaring bank, “he said.
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