PNB, SBI account for most respected financial institution frauds amongst PSBs: RBI | Economy News

New Delhi: Public sector banks reported over 51 per cent dip within the quantity concerned in frauds to Rs 40,295.25 crore in the course of the monetary yr ended March 2022, the Reserve Bank of India has stated. The 12 PSBs (Public Sector Banks) had reported frauds value Rs 81,921.54 crore within the previous fiscal 2020-21, the Reserve Bank has stated in response to an software underneath the Right to Information (RTI) Act. However, the variety of fraud circumstances did not fall on the similar tempo as a complete of seven,940 frauds reported by the PSBs in 2021-22, in opposition to 9,933 incidents reported in FY21, stated the RBI’s reply to Madhya Pradesh-based RTI activist Chandrashekhar Gaur .

According to the RBI knowledge on frauds reported by PSBs in all classes throughout FY22, the very best quantity of Rs 9,528.95 crore was reported by the city-based Punjab National Bank (PNB), involving 431 such incidents.

The nation’s largest lender State Bank of India reported frauds value Rs 6,932.37 crore in as many as 4,192 circumstances — reflecting incidents of numerous small worth frauds.

Bank of India reported frauds value Rs 5,923.99 crore (209 incidents), adopted by Bank of Baroda at Rs 3,989.36 crore (280); Union Bank of India Rs 3,939 crore (627), whereas Canara Bank reported frauds value Rs 3,230.18 crore in simply 90 circumstances — exhibiting that the transactions have been of excessive worth frauds.

Among others, Indian Bank prospects confronted frauds amounting to Rs 2,038.28 crore in 211 circumstances; Indian Overseas Bank Rs 1,733.80 crore (312); Bank of Maharashtra Rs 1,139.36 crore (72 circumstances); Central Bank of India Rs 773.37 crore; UCO Bank Rs 611.54 crore (114 crore) and Punjab & Sind Bank reported frauds of Rs 455.04 crore in as many as 159 incidents.

RBI stated that the info might change topic to rectification/replace made subsequent to first reporting of banks (in respect of particular person frauds). As per the RBI reply, the quantity of frauds value lower than Rs 1 lakh has been recorded from April 1, 2017.

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