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

New Delhi, September 20

Public sector banks (PSBs) reported frauds value over Rs 19,964 crore in complete 2,867 circumstances throughout the April-June quarter of the continuing fiscal yr, in line with a reply to an RTI question.

The nation’s largest lender, State Bank of India (SBI), noticed the best variety of fraud circumstances; nonetheless, Bank of India was the worst hit when it comes to 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 circumstances involving Rs 2,325.88 crore throughout April-June 2020.

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

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 circumstances stood at 240.

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

The information might change topic to rectification and updation made subsequent to first reporting by banks (in respect of people frauds), the RBI stated 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, the amount involved may refer to the amount outstanding in the books of the reporting bank,” it stated. PTI

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