State-Run Lenders Hit By Frauds Of Rs 1.17 Lakh Crore In April-December
A total of 8,926 cases of fraud involving Rs 1.17 lakh crore hit 18 public sector banks during the first three quarters (April-December) of the current fiscal, a reply to an RTI query has revealed.
The country's largest lender State Bank of India (SBI) was the biggest hit by frauds, RTI activist Chandrasekhar Gaur told PTI on Thursday quoting an official of the RBI who furnished replies to the RTI application.
SBI reported 4,769 cases of banking frauds worth Rs 30,300 crore during the nine-month period ended December 2019. This is about 26 per cent of the Rs 1,17,463.73 crore, which is the total amount of reported cases of banking frauds in PSBs during this period, he said.
In Punjab National Bank, 294 cases of banking fraud were reported during this period, with Rs 14,928.62 crore involved in it.
During the period, 250 cases involving a total amount of Rs 11,166.19 crore were reported in Bank of Baroda.
A total of 860 cases of fraud worth Rs 6,781.57 crore were reported in Allahabad Bank during these period, while 161 cases of fraud worth Rs 6,626.12 crore in Bank of India, it said.
As many as 292 cases of fraud worth Rs 5,604.55 crore detected in Union Bank of India, 151 cases worth Rs 5,556.64 crore in Indian Overseas Bank and 282 cases worth Rs 4,899.27 crore in Oriental Bank of Commerce were reported.
Besides, 1,867 cases involving total amount of Rs 31,600.76 crore were reported in Canara Bank, UCO Bank, Syndicate Bank, Corporation Bank, Bank of Maharashtra, Central Bank of India, Andhra Bank, United Bank of India, Indian Bank and Punjab and Sind Bank, it added.
The RBI has not given specific details of the nature of banking fraud cases and the losses suffered by banks or their customers due to these frauds.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
