The amount of fraud reported by public sector banks fell by more than 51% to Rs 40,295.25 crore in the financial year ending March 2022, the RBI said.
In response to an application under the Right to Information (RTI) Act, the Reserve Bank said 12 PSBs (public sector banks) reported fraud worth Rs 81,921.54 crore in the 2020-21 financial year.
However, the RBI’s reply to Madhya Pradesh-based RTI activist Chandrashekhar Gaur said that the number of fraud cases was not at the same pace as the 7,940 fraud incidents reported by PSB in 2021-22 compared to the 7,940 incidents reported in FY21. from 9,933. .
According to RBI data on all categories of fraud reported by PSB in FY22, city-based Punjab National Bank (PNB) reported the highest amount of Rs 9,528.95 crore involving 431 such incidents.
The country’s largest bank State Bank of India has reported fraud worth Rs 6,932.37 crore in as many as 4,192 cases – reflecting a high number of small-value fraud incidents.
Banks of India reported fraud worth Rs 5,923.99 crore (209 incidents), followed by Bank of Baroda at Rs 3,989.36 crore (280 incidents); Union Bank of India at Rs 3,939 crore (627), while Canara Bank was only in Frauds worth Rs 3,230.18 crore were reported in 90 cases – indicating that these transactions were high value frauds.
Of these, Indian bank customers faced fraud amounting to Rs 203.828 crore in 211 cases; Indian Overseas Bank Rs 1,733.80 crore (312); Bank of Maharashtra Rs 1,139.36 crore (72 cases); Central Bank of India Rs 773.37 crore; UCO Bank Rs 611.54 crore (Rs 1.14 crore) and Punjab and Sindh Bank reported fraud of Rs 455.04 crore in as many as 159 incidents.
The RBI said the data may be subject to change based on corrections/updates after the first report (on personal fraud) by banks. According to the RBI’s reply, since April 1, 2017, fraudulent amounts worth less than Rs 1 lakh have been recorded.