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PSBs Hit By Fraud Cases of Rs 1.17 Lakh cr in Apr-Dec 2019, Reveals RTI

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According to information obtained from the Right to Information (RTI for the first 9 months of the current financial year, April-December, 2019. 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.

The country’s largest lender State Bank of India (SBI) was the biggest hit by frauds, RTI activist Chandrasekhar Gaur told on Thursday quoting an official of the RBI who furnished replies to the RTI application. During this period, SBI reported 4,769 cases of banking fraud amounting to Rs 30,300 crore. This amount is about 26 percent of the total amount of reported cases of banking frauds in government banks during this period.

294 cases of banking fraud were reported by Punjab National Bank (PNB) from April to December involving an amount of Rs 14,928.62 crore. During this period, 250 cases worth Rs 11,166.19 crore were reported in Bank of Baroda. Allahabad Bank had 860 cases of fraud of Rs 6,781.57 crore, 161 cases of fraud of Rs 6,626.12 crore in Bank of India, 292 cases of fraud of Rs 5,604.55 crore in Union Bank of India, Rs 5,556.64 crore in Indian Overseas Bank 151 cases of fraud and 282 cases of fraud amounting to Rs 4,899.27 crore were reported in Oriental Bank of Commerce. The information provided by the RBI under the RTI has not given specific details of the nature of banking fraud cases and the losses suffered by fraudulent banks or their customers.