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Public sector banks reported frauds of Rs 19,964 crore in Apr-Jun- Says RBI

 

According to Reserve Bank of India during the April-June quarter of the ongoing fiscal year, Public sector banks (PSBs) reported frauds worth over Rs 19,964 crore in total 2,867 cases. RBI replied this data to an RTI query.

RBI has given replied to an activist Chandra Shekhar Gaur. In their reply RBI commented that India’s largest lender bank State Bank of India (SBI) saw the highest number of fraud cases, whereas in terms of value Bank of India was the worst hit.
During April-June 2020, SBI reported the maximum 2,050 fraud cases involving Rs 2,325.88 crore during April-June 2020.

In the terms of valuation Bank of India took the biggest hit at Rs 5,124.87 crore in 47 cases, followed by Canara Bank Rs 3,885.26 crore in 33 cases.
Bank of Baroda- 60 cases of Rs 2,842.94.
Indian Bank- 45 cases of Rs 1,469.79.
Indian Overseas Bank – 37 cases of Rs 1,207.65 crore.
Bank of Maharashtra – 9 cases of Rs 1,140.37 crore.

The country’s second largest public sector lender Punjab National Bank reported less fraud as compared to other banks. Punjab National Bank reported less amount of fraud at Rs 270.65 crore, even as the number of cases stood at 240.

Among others, UCO Bank had Rs 831.35 crore as fraud report in 130 cases
Central Bank of India – 149 cases of Rs 655.84 crore.
Punjab and Sind Bank – 18 cases of Rs 163.3 crore.
Union Bank of India reported the lowest amount of fraud at Rs 46.52 crore.

The RBI said in the reply the data may change subject to rectification/ updation made subsequent to first reporting by banks.
The entire amount lent in case of borrowal accounts need not have been converted by the borrower.

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