18 PSBs take nearly Rs32,000 cr hit in 2,480 fraud cases in Q1

In an open admission by public sector banks that frauds are an inevitable part of their lending process, an RTI query has revealed that 18 state-owned banks  were cheated to the tune of Rs 31,898.63 crore in 2,480 cases of fraud in the first quarter of the current financial year.

State Bank of India, the country’s largest lender, also topped the list with 1,197 cases of cheating involving Rs12,012.77 crore in the first quarter – a 38 per cent share of the total -  according to the RTI reply.
A total of 2,480 cases of fraud involving a huge sum of Rs 31,898.63 crore rattled 18 public sector banks in the first quarter of this fiscal, an RTI query has revealed.
Neemuch-based activist Chandrashekhar Gaur is reported to have gathered the information from an official of the Reserve Bank of India in replies to his RTI application.
SBI had sought issuance of 147 look-out circulars (LoC) in the last five months in connection with bank fraud cases, Gaur was told in response to his query.
Data shows that the bank started seeking LoC from the Bureau of Immigration from April this year.
Between April and August, it issued request seeking LoC against 147 individuals to prevent them from leaving the country, the bank said in response to an RTI query filed by Pune-based activist Vihar Durve.
SBI is followed by Allahabad Bank with 381 cheating cases involving Rs2,855.46 crore. Punjab National Bank stood third in the list with 99 scams involving Rs2,526.55 crore.
Bank of Baroda reported a total of 75 cases of fraud involving Rs2,297.05 crore in the first quarter, while Oriental Bank of Commerce reported 45 cases of fraud involving Rs2,133.08 crore, Canara bank reported 69 cases involving Rs2,035.81 crore, Central bank reported 194 cases involving Rs1,982.27 crore, while United Bank of India reported 31 cases of fraud involving Rs1,196.19 crore.
Another PSU lender Corporation Bank reported 16 cases of fraud, involving Rs960.80 crore, Indian Overseas Bank reported 46 cases of fraud involving Rs934.67 crore, Syndicate Bank reported 54 cases involving Rs795.75 crore, Union Bank of India reported 51 cases of fraud involving Rs753.37 crore, Bank of India reported 42 cases of fraud involving Rs517 crore in and UCO Bank detected 34 cases of fraud involving Rs470.74 crore.
Bank of Maharashtra, Andhra Bank, Indian Bank and Punjab and Sind Bank also reported fraud hits during the quarter.
More details of the nature of banking fraud and the losses suffered by banks or their customers are yet to be known. RBI also said it did not have figures available as to how much amount was lost by theses banks during the April-June 2019-20 period.