In accordance with the Reserve Bank of India (RBI) data on frauds reported by the 12 Public Sector Banks (PSBs) in all categories during FY22, there is over 51% dip in the amount involved in frauds to Rs 40,295.25 crore during FY22 as compared to Rs 81,921.54 crore in FY21.
- However, the pace of fraud cases was declined to 7,940 in FY22 as compared to 9,933 incidents reported in FY21.
- This information was provided by RBI in response to an application under the Right to Information (RTI) Act, filed by Madhya Pradesh-based RTI activist Chandrashekhar Gaur.
Key points:
i.The highest amount in fraud cases was reported by the Punjab National Bank (PNB) worth Rs 9,528.95 crore involving 431 such incidents.
ii.Among the incidents of a large number of small value frauds, State Bank of India (SBI) reported maximum frauds worth Rs 6,932.37 crore in 4,192 cases.
iii.Among the transactions of high value frauds, Canara Bank reported frauds worth Rs 3,230.18 crore in just 90 cases.
Table showing PSBs’ Fraud Data:
| PSBs | No. of Fraud Cases | Amount (Rs/crore) |
|---|---|---|
| Punjab National Bank (PNB) | 431 | 9,528.95 |
| State Bank of India (SBI) | 4,192 | 6,932.37 |
| Bank of India (BOI) | 209 | 5,923.99 |
| Bank of Baroda (BOB) | 280 | 3,989.36 |
| Union Bank of India (UBI) | 627 | 3,939 |
| Canara Bank | 90 | 3,230.18 |
| Indian Bank | 211 | 2,038.28 |
| Indian Overseas Bank | 312 | 1,733.80 |
| Bank of Maharashtra (BoM) | 72 | 1,139.36 |
| Central Bank of India (CBI) | 773.37 | |
| UCO Bank | 114 | 611.54 crore |
| Punjab & Sind Bank | 159 | 455.04 |
Recent Related News:
i.On 2 March 2022, RBI canceled the license of Sarjeraodada Naik Shirala Sahakari Bank Ltd of Shirala, Sangli (Maharashtra) due to compliance failure with the regulation under Section 11(1) ,Section 22 (3) (d) and Section 56 Banking Regulation Act 1949.
ii.RBI released a booklet titled “BE(A)WARE”. It provides information on the common modus operandi used by fraudsters and precautions to be taken while carrying out various financial transactions.
About Reserve Bank of India (RBI):
Establishment – 1st April 1935
Headquarters – Mumbai, Maharashtra
Governor – Shaktikanta Das
Deputy Governors – Mahesh Kumar Jain, Michael Debabrata Patra, T. Rabi Sankar, M. Rajeshwar Rao
