Rs 7,951.29 Cr Fraud Found By SBI In 1,885 Cases During April To December: RTI Reply

The Logical Indian Crew India

March 1st, 2019 / 6:38 PM

State Bank Fraud

Image Credit: Livemint

During the first nine months of the current fiscal year, the State Bank India (SBI) claimed that a fraud had unfolded in which Rs 7,951.29 crore involving 1,885 cases of fraudulent activities have come to the fore.

A sum of Rs 37,326.66 crore has been parked by the Mumbai-headquartered PSU banking giant in contingencies and provisions (other than tax) between April 2018 to December 2018, down 20.49% lower than Rs 46,943.12 crore, which was assigned by the bank a year earlier in the same period.

SBI claimed while reporting the Q3 results 2019, that at the end of December 31 last year, its gross non-performing assets (NPAs) has moderated to 8.71%. Compared to this, at the end of September 30 last year, it was 9.95% and 10.35% on December 31, 2017.


Fraudulent activities

In its reply to RTI, sought by an activist Chandrashekhar Gaud, SBI said that out of the 1,885 fraudulent cases, about 669 cases have been registered in the April-June quarter amounting to Rs 723.06 crore. On the other hand, 660 cheating cases were registered in the July-September quarter amounting to Rs 4,832.42 crore, and in the October-December quarter,  556 cases involving Rs 2,395.81 crore were witnessed by the bank, reported Times Now.

However, SBI did not want to share any information related to what financial losses its customers had to suffer because of the fraudulent cases. Under Section 7 (9) of the RTI Act of 2005, for such revelations, the bank is exempted. The reason why SBI refused to share the details is because of phishing of credit, debit cards and online fraudulent transactions.

According to Card Statistics December 2018 and the Reserve Bank of India (RBI), SBI has about 75.25 lakh credit cards, about 3,110.47 crore active debit cards, which is the largest with any bank in India, and 58,350 ATMs. The ATMs include 25,625 on-site and 32,725 off-sites, and in the month of December 2018, transaction of Rs 1.22 lakh crore with the debit cards via ATM and PoS was carried out.


Also Read: 21 Public Sector Banks Lost Rs 25,775 Crores to Bank Frauds in FY 2017-18, Says RBI


Contributors

Written by : Sumanti Sen

Edited by : Sromona Bhattacharyya

Related Stories

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

Modi Govt Advertisement

Modi Govt’s Expenditure On Publicity Is Already Almost Equal To 10 Yrs Of UPA Tenure: RTI Reply

Kohinoor Diamond Surrendered

Kohinoor Was “Surrendered” To The British; ASI Contradicts Modi Government In RTI Reply

SBI ATM RTI

After 21 Months Of Demonetisation, 18,135 SBI ATMs Still Can’t Dispense New Notes: RTI Reply

23,000 Loan Fraud Cases Of Rs 1 Lakh Crore Reported In Last 5 Years: RBI In RTI Reply

Cheque Books Of Former Associate Banks Of SBI To Become Invalid From April 1st

Latest on The Logical Indian

Opinion

Article 15: Bold Characters & Sharp Storytelling Mirror A Society In Despair

News

Assam Floods: At Least 11 Dead and 26 Lakh Affected Across 28 Districts

News

Breaking Glass Ceiling: Anshula Kant Becomes First Woman To Be Appointed As MD And CFO Of The World Bank

My Social Responsibility

This Delhi Man Gives Accident Victims Free Rides To Hospitals In The City’s Only ‘Auto Ambulance’

News

Uttarakhand: Administration Shuts Down ‘Lakshman Jhula’ In Rishikesh After Being Declared Unsafe By Experts

News

UP: 3rd Year Dalit Student Commits Suicide After Harassment By Upper-Caste Classmates

x

Stories that deserve attention, delivered to your inbox!

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