Home >Industry >Banking >SBI reports frauds of 7,951 crore in 9 months of FY'19
 (Photo: Abhijit Bhatlekar/Mint)
(Photo: Abhijit Bhatlekar/Mint)

SBI reports frauds of 7,951 crore in 9 months of FY'19

  • All these accounts became NPAs much earlier and most of the portfolio is already provided for with 100% provision
  • The nation's largest lender said the first quarter reported 669 cases of fraudulent activities amounting to 723.06 crore

All these accounts became NPAs much earlier and most of the portfolio is already provided for with 100% provision, SBI said in a regulatory filing.

"Moreover, we provide additional provision on new frauds in each quarter to cover the gap, if any," it said.

ln this connection, while all fraud related laid down guidelines are being followed, resolution process for recovery through Debt Recovery Tribunal and other mechanism is also under way, it added.

The nation's largest lender said the first quarter reported 669 cases of fraudulent activities amounting to 723.06 crore, the second quarter saw 660 cases involving an 4,832.42 crore and the third quarter reported 556 cases amounting to 2,395.81 crore.

This story has been published from a wire agency feed without modifications to the text.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.

Close
×
My Reads Redeem a Gift Card Logout