Public sector banks report frauds worth over ₹19,964 cr in April-June: RBI1 min read . Updated: 20 Sep 2020, 03:35 PM IST
Of the 12 public sector banks (PSBs), SBI reported the maximum 2,050 fraud cases involving ₹2,325.88 crore during April-June 2020
NEW DELHI : Public sector banks (PSBs) reported frauds worth over ₹19,964 crore in total 2,867 cases during the April-June quarter of the ongoing fiscal year, according to a reply to an RTI query.
The country's largest lender State Bank of India (SBI) saw the highest number of fraud cases; however, Bank of India was the worst hit in terms of value, 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 maximum 2,050 fraud cases involving ₹2,325.88 crore during April-June 2020.
Bank of India took the biggest hit in terms of valuation at ₹5,124.87 crore in 47 cases, followed by Canara Bank ₹3,885.26 crore in 33 cases, Bank of Baroda ₹2,842.94 crore in 60 cases, Indian Bank ₹1,469.79 crore in 45 cases, Indian Overseas Bank ₹1,207.65 crore in 37 cases and Bank of Maharashtra ₹1,140.37 crore in 9 cases.
As compared to these, the second largest public sector lender Punjab National Bank (PNB) reported much less amount of fraud at ₹270.65 crore, even as the number of cases stood at 240.
Among others, UCO Bank had ₹831.35 crore as fraud reporting in 130 cases, Central Bank of India ₹655.84 crore in 149 cases, Punjab and Sind Bank ₹163.3 crore in 18 cases and Union Bank of India reported the lowest amount of fraud at ₹46.52 crore in 49 cases.
The data may change subject to rectification/updation made subsequent to first reporting by banks (in respect of individuals frauds), the RBI said in 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 said.