18 Public Sector Banks Hit By 2,480 Fraud Cases Worth Rs 32,000 Crore In First Quarter 2019

The Logical Indian Crew India

September 10th, 2019 / 5:11 PM

PSU Bank Frauds RBI

As many as 18 public sector banks (PSU banks) were hit by a fraud worth Rs 31898.63 crore between April to June 2019, according to an RTI application filed by activist Chandrashekhar Gaur.

The Reserve Bank of India in a reply to the RTI query said that 2480 cases of fraud were reported by the 18 PSU banks in the first quarter of the financial year. The largest number, 38 per cent or 1197 cases of fraud worth Rs 12012.77 crore were reported in the State Bank of India, as per media reports.

The next on the list are Allahabad bank with 381 cases involving 2855.46 crore and Punjab National Bank with 99 cases worth Rs 2526.55 crore. Surprisingly, the RBI reply further said that they did not have any data available on the losses suffered by the banks or the customers.

A total of 75 cases of fraud involving Rs 2,297.05 crore were reported in Bank of Baroda in the first quarter, while 45 cases of fraud amounting to Rs 2,133.08 crore in Oriental Bank of Commerce.

A total of 69 cases worth Rs 2,035.81 crore in Canara Bank, 194 cases worth Rs 1,982.27 crore in Central Bank of India, 31 cases of fraud worth Rs 1,196.19 crore in United Bank of India were reported in the same quarter.

Similarly, Corporation Bank detected Rs 960.80 crore worth fraud in 16 cases, Indian Overseas Bank Rs 934.67 crore in 46 cases, Syndicate Bank Rs 795.75 crore in 54 cases, Union Bank of India Rs 753.37 crore in 51 cases, Bank of India suffered Rs 517 crore loss in 42 cases and UCO Bank detected Rs 470.74 crore fraud in 34 cases.

Also Read: 100 Days Of Modi Govt 2.0: From Record Bills Passed In One Session To Economic Slowdown


Contributors

Written by : Shubhendu Deshmukh

Edited by : Shweta Kothari

Related Stories

Allahabad Bank Reports 1,775 Crore Fraud Against Bhushan Power & Steel, After PNB Reported Fraud Of Rs 3,800 Crore

PSB Write Off Loans

Public Sector Banks Write Off Loans Worth Rs 41,000 Crore; SBI Writes Off Rs 10,000 Crore Loan

In The Last 4 Years, We Paid Over Rs 10,000 Cr As Fines To Public Sector Banks

A Bank Employee Explains Why Public Sector Banks Are Ailing & Are Protesting

Loan Written

Since 2014, Loans Over Rs 3 Lakh Cr Written Off, Seven Times More Than The Recovery In Public Sector Banks: RBI Data

Bank Merger RBI

Center Asks RBI To Identify Public Sector Banks For Merger

Latest on The Logical Indian

My Story

My Story: “In Grieving Kashmir, My Useless Landline Turned Into A Lifeline”

News

Majoritarianism & Authoritarianism Taking India Down A “Dark & Uncertain Path”: Raghuram Rajan

Others

Primary School Children Served “Turmeric-Rice” For Mid-Day Meal in Uttar Pradesh

News

UP: Man Goes To Bury Deceased Daughter, Finds Baby Girl Buried Alive

News

GST Might Have Flaws, But We Cannot Just Damn It Now: Finance Minister Nirmala Sitharaman

World Affairs

World Bank Slashes India’s Growth Rate To 6%, Warns Of ‘Severe’ Economic Slowdown

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.