Frauds Worth Over Rs 19,964 Cr Reported In April-June: RBI

Frauds worth over Rs 19,964 crore were reported by Public Sector Banks (PSBs) in total of 2,867 cases during the April-June quarter of the ongoing fiscal year.

This was stated by the Reserve Bank of India (RBI) as a reply on frauds report by PSBs to RTI activist Chandra Shekhar Gaur.

State Bank of India (SBI), the country's largest lender, saw the highest number of fraud cases. Bank of India however was worst hit in terms of value, it added.

Of the 12 PSBs, SBI reported the maximum 2,050 fraud cases involving Rs 2,325.88 crore during April-June 2020.

Bank of India took the biggest hit in terms of valuation at Rs 5,124.87 crore in 47 cases, followed by Canara Bank Rs 3,885.26 crore in 33 cases, Bank of Baroda Rs 2,842.94 crore in 60 cases, Indian Bank Rs 1,469.79 crore in 45 cases, Indian Overseas Bank Rs 1,207.65 crore in 37 cases and Bank of Maharashtra Rs 1,140.37 crore in 9 cases.

India's second largest public sector bank Punjab National Bank (PNB) reported comparatively less amount of fraud at Rs 270.65 crore, even though the number of cases stood at 240.

"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," said RBI.

In case of borrower accounts, amount involved may refer to the amount outstanding in the books of the reporting bank," it added.

The RBI also mentioned that the data may subject to change.