Rs 19,000 Cr Fraud At PSU Banks In 90 Days; SBI, BoI #1 In Fraud Cases

Rs 19,000 Cr Fraud At PSU Banks In 90 Days; SBI, BoI #1 In Fraud Cases
Rs 19,000 Cr Fraud At PSU Banks In 90 Days; SBI, BoI #1 In Fraud Cases

The number of frauds reported by PSBs is sky high – the banks have reported frauds worth more than Rs 19,964 crore. And this is number has been recorded only during the April June quarter.

And the State Bank of India and Bank of India have recorded the highest number of fraud cases and are the worst hit banks among all.

Which bank has the highest number of fraud cases? Let’s find out!

RBI Reveals: SBI And BOI Record Highest Number and Worth Of Fraud

In a reply to an RTI query, it was revealed that during the April-June quarter of the current fiscal year, the public sector banks (PSBs) have reported that there have been frauds worth more than Rs. 19,964 in only 2867 cases.

Whereas, the country’s largest lender, SBI has recorded the highest number of fraud cases and the Bank of India (BOI) has been the worst hit in terms of the amount of fraud. 

The Reserve Bank of India was answering to RTI activist Chandra Shekhar Gaur. 

RBI said, “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.”

From the 12 PSBs, SBI has reported the maximum number of fraud cases as much as 2050 which have amounted to Rs. 2325.88 crores during the April-June quarter of 2020. Bank of India has registered the highest amount of fraud as much as Rs. 5124.87 crores across 47 cases.

Next in line is Canara Bank with recorded fraud worth Rs. 3885.26 crores in 33 cases. Bank of Baroda has noted fraud worth Rs. 2,842.94 crore in 60 cases, Indian Bank has recorded Rs 1,469.79 crore in 45 cases.

PNB and Union Bank of India Record Lowest Frauds And Cases

Indian Overseas Bank has noted fraud worth Rs 1,207.65 crore in 37 cases and Bank of Maharashtra has recorded only 9 cases, but the fraud is worth Rs. 1,140.37 crores.

Contradictory to the above numbers, the second largest public sector lender of India, Punjab National Bank (PNB) has recorded the amount of fraud as Rs 270.65 crore whereas the number of cases stands quite high, at 240.

UCO Bank has reported 130 cases of fraud, amounting to Rs. 831.35 crore, Central Bank of India has noted Rs 655.84 crore in 149 cases, Punjab Sind Bank’s fraud amount is Rs. 163.3 crore in 18 cases.

The lowest number of frauds is reported by the Union Bank of India at Rs. 46.52 crore in 49 cases.

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