PSBs report frauds worth over Rs 19,964 cr in April-June, says RBI

Public sector banks (PSBs) reported frauds value over Rs 19,964 crore in complete 2,867 instances through the April-June quarter of the continued fiscal yr, in response to a reply to an RTI question.

The nation’s largest lender State Bank of India (SBI) noticed the best variety of fraud instances; nonetheless, Bank of India was the worst hit by way of worth, as per a reply from the Reserve Bank on frauds reported by these lenders to RTI activist Chandra Shekhar Gaur.

Of the 12 PSBs, SBI reported the utmost 2,050 fraud instances involving Rs 2,325.88 crore throughout April-June 2020.

Bank of India took the most important hit by way of valuation at Rs 5,124.87 crore in 47 instances, adopted by Canara Bank Rs 3,885.26 crore in 33 instances, Bank of Baroda Rs 2,842.94 crore in 60 instances, Indian Bank Rs 1,469.79 crore in 45 instances, Indian Overseas Bank Rs 1,207.65 crore in 37 instances and Bank of Maharashtra Rs 1,140.37 crore in 9 instances.

As in comparison with these, the second largest public sector lender Punjab National Bank (PNB) reported a lot much less quantity of fraud at Rs 270.65 crore, even because the variety of instances stood at 240.

Among others, UCO Bank had Rs 831.35 crore as fraud reporting in 130 instances, Central Bank of India Rs 655.84 crore in 149 instances, Punjab and Sind Bank Rs 163.Three crore in 18 instances and Union Bank of India reported the bottom quantity of fraud at Rs 46.52 crore in 49 instances.

The information might change topic to rectification/updation made subsequent to first reporting by banks (in respect of people frauds), the RBI mentioned within the reply.

“Amount involved does not equate with the loss suffered by the reporting bank. Further, the entire amount lent in case of borrowal accounts need not have been diverted by the borrower/fraudster. In case of borrower accounts, amount involved may refer to the amount outstanding in the books of the reporting bank,” it mentioned.