Bank fraud: 21 PSBs incurred losses of Rs 25,775 cr in FY 2017-18, with PNB highest at Rs 6,461 cr, says RTI response
6 years, 9 months ago

Bank fraud: 21 PSBs incurred losses of Rs 25,775 cr in FY 2017-18, with PNB highest at Rs 6,461 cr, says RTI response

Firstpost  

The Reserve Bank of India has clarified in the RTI that only those cases of fraud, involving a sum of over Rs 1 lakh, were included in the list. Indore: Twenty-one public sector banks have incurred losses totalling Rs 25,775 crore due to banking frauds in the financial year 2017-18, a Right to Information reply has stated. The Punjab National Bank had incurred the highest loss of Rs 6461.13 crore due to different cases of fraud during the fiscal that ended on March 31 this year, Chandrasekhar Gaud, who had filed the RTI with the Reserve Bank of India, told PTI on Sunday. The RTI reply stated that the State Bank of India had, during this period, incurred losses of Rs 2390.75 crore due to various cases of banking fraud. The RTI reply informed that the IDBI Bank incurred losses of Rs 1,116.53 crore, Union Bank of India had losses of Rs 1,095.84 crore, Central Bank of India of Rs 1,084.50 crore, Bank of Maharashtra of Rs 1,029.23 crore and Indian Overseas Bank had incurred a loss of Rs 1,015.79 crore.

India Fraud Cases Bank Crore Rbi Rti Losses Pnb Banking Fraud Psbs Incurred  response  psbs  incurred  pnb  bank  cases  fraud  cr  india  fy  losses  crore  banking  rs  highest  rti

History of this topic

Cyber fraud in India: $12.2 mn lost, 13,384 cases reported in first nine months of 2024-25
2 weeks, 1 day ago

Cyber fraud in India: $12.2 mn lost, 13,384 cases reported in first nine months of 2024-25

Firstpost  

According to the data, fraud cases involving ₹100,000 or more have risen drastically over the years. The amount lost to these cybercrimes reached a record ₹177 crore in FY 2024 The fraud cases involving ₹100,000 or more have risen drastically over the years. During this period, a total number of 13,384 cases of cyber fraud were registered in the country …

Cyber fraud losses in India have surge nearly 10-fold in a decade: finance ministry
2 weeks, 2 days ago

Cyber fraud losses in India have surge nearly 10-fold in a decade: finance ministry

Live Mint  

New Delhi: Losses due to cyber frauds have surged nearly 10-fold in a decade, Pankaj Chaudhary, minister of state in the Union finance ministry, said on Monday. Responding to a question in the Lok Sabha, Chaudhary said losses due to cyber frauds increased to ₹177.05 crore in 2023-24 from ₹18.46 crore in 2014-15. In the first nine months of FY25, …

Rs 2.3 crore stolen in digital heist from cooperative bank in Karnataka
2 months ago

Rs 2.3 crore stolen in digital heist from cooperative bank in Karnataka

India Today  

Cyber criminals stole Rs 2.34 crore from a cooperative bank in Vijayanagara, Karnataka. The robbery was discovered after multiple branches of Ballari District Co-operative Central Bank, which operates in the twin districts of Vijayanagara and Ballari, reported that customers were not getting money credited to their account. Initial investigations reveal that hackers managed to alter account numbers and IFSC codes …

RBI Report: Bank frauds increased eight-fold in first half of current fiscal
3 months ago

RBI Report: Bank frauds increased eight-fold in first half of current fiscal

Deccan Chronicle  

New Delhi: Facing multiple challenges for the financial system in the country, the Reserve bank of India on Thursday said that the number of bank frauds witnessed a significant rise of eight-fold to Rs 21,367 crore in over 18,000 cases in the first half of the current fiscal. “The number of frauds during April-September stood at 18,461 involving Rs 21,367 …

India lost over ₹11,000 crore to cyber scams in first 9 months of 2024: Report
3 months, 3 weeks ago

India lost over ₹11,000 crore to cyber scams in first 9 months of 2024: Report

Hindustan Times  

India has endured a loss of around ₹11,333 crore to cyber scams in the first nine months of 2024, said a recent report. Stock trading frauds caused the maximum amount of loss, ₹ 4,636 crore from over 2 lakh complaints. Meanwhile, cases of digital arrests, which authorities have seen an uptick in, caused a loss of ₹1,616 crore from around …

Karnataka govt orders closure of accounts with SBI, PNB over non-refund of deposits
7 months, 1 week ago

Karnataka govt orders closure of accounts with SBI, PNB over non-refund of deposits

Hindustan Times  

The Karnataka government has ordered all its departments, boards, corporations, public sector units and universities to withdraw all their deposits and investments in the State Bank of India and the Punjab National Bank and stop transacting any business with these institutions. ₹ 10 crore deposited by the Karnataka State Pollution Control Board was not returned by the bank owing to …

Cyber Scams In FY24: Rs 177 Cr Lost Due To ATM/Credit Card, Internet Banking Frauds In India
7 months, 2 weeks ago

Cyber Scams In FY24: Rs 177 Cr Lost Due To ATM/Credit Card, Internet Banking Frauds In India

News 18  

There has been a significant increase in banking frauds in India. A customer need not bear any loss if the deficiency is on the part of the bank and in cases, where the fault lies neither with the bank nor with the customer but lies elsewhere in the system and the customer notifies the bank within three working days of …

Fraudulent transactions at IndusInd bank: ₹32.89 crore of ₹40 crore recovered
7 months, 3 weeks ago

Fraudulent transactions at IndusInd bank: ₹32.89 crore of ₹40 crore recovered

Hindustan Times  

MUMBAI: Maharashtra Cyber on Friday said that they could recover ₹32.89 crore out of the ₹40 crore allegedly fraudulently transferred from IndusInd Bank to 20 different mule accounts. The frauds managed to withdraw ₹ 4.24 crore from various ATMs, Representative Image After the Bandra Kurla Complex branch of the IndusInd bank got wind of the fraudulent transactions, it alerted the …

Indians report nearly 800 online financial fraud cases a day, are you protected? Report
9 months ago

Indians report nearly 800 online financial fraud cases a day, are you protected? Report

Hindustan Times  

Nearly 800 online financial frauds are reported in India every day, the Times of India reported. While the Reserve Bank of India had reported 29,082 card & digital payment fraud cases with each worth above ₹1 lakh in the financial year 2023-24, the actual number goes up to about 2.9 lakh cases for the year, or 800 cases a day, …

Spurt in cybercrimes sees Telangana citizens lose ₹150 crore in one month
11 months, 2 weeks ago

Spurt in cybercrimes sees Telangana citizens lose ₹150 crore in one month

The Hindu  

Citizens in Telangana lost ₹150 crore to cyber criminals in 10,135 cases in March alone, data shared by the officials at Telangana State Cyber Security Bureau shows. “IT professionals constitute over 70% of the targets for fraudsters particularly for business and investment, part time jobs and stock trading frauds,” the official said. 26.28% of the total complaints filed pertained to …

Telangana lost ₹157 crore to cyber criminals in February
1 year ago

Telangana lost ₹157 crore to cyber criminals in February

The Hindu  

Citizens of Telangana lost ₹157 crore to cyber criminals in February 2024. Identity theft, particularly credit/debit card frauds, Aadhaar Enabled Payment System frauds, fake customer care service frauds impersonating parcel delivery companies like FedEx, Blue Dart and banks and income tax frauds, topped the list with 3,143 cases. A businessman from Kukatpally lost ₹55 crore after joining a WhatsApp group …

CBI searches premises of firm in ₹3,847.58-crore cheating case
1 year, 6 months ago

CBI searches premises of firm in ₹3,847.58-crore cheating case

Hindustan Times  

The Central Bureau of Investigation on Saturday carried out searches at four premises linked to a city-based firm and four of its promoters, who are accused of cheating a consortium of banks, led by State Bank of India, of ₹3,847.58 crore. The bank has alleged that the firm, Unity Infraprojects Limited, allegedly diverted the loan money it had obtained from …

CBI books Raigad-based firm for ₹1,017.93-crore loss to bank consortium
1 year, 10 months ago

CBI books Raigad-based firm for ₹1,017.93-crore loss to bank consortium

Hindustan Times  

Mumbai: The Central Bureau of Investigation recently registered a case against a Raigad-based steel processing firm and its directors for allegedly causing a loss of ₹1,017.93 crore to a State Bank of India -led bank consortium in the form of unpaid loans. The SBI, which is the complainant in the case, alleged that the firm had siphoned off a portion …

CBI books directors of Chennai steel firm for cheating bank of ₹25.89 crore
2 years, 2 months ago

CBI books directors of Chennai steel firm for cheating bank of ₹25.89 crore

The Hindu  

The Central Bureau of Investigation has booked the directors of a steel firm on charges of cheating the Indian Overseas Bank and causing a loss to the tune of ₹25.89 crore. The agency’s Economic Offences Branch has registered a case against M/s SAR ISPAT Private Ltd., and its directors Sanjay Kumar Sharma, Sandeep Kothari, Vikranth Sharma and others, for the …

Banks write off loans worth Rs 11.17 lakh crore in last 6 years
2 years, 3 months ago

Banks write off loans worth Rs 11.17 lakh crore in last 6 years

Deccan Chronicle  

NEW DELHI: Banks have written off Rs 11.17 lakh crore bad loans from their books in the last six years till financial year 2021-22, Parliament was informed on Tuesday. "As per RBI data, public sector banks and scheduled commercial banks wrote off an aggregate amount of Rs 8,16,421 crore and Rs 11,17,883 crore respectively during the last six financial years," …

Crime Branch Officials Still Unclear About Total Money Embezzled: Report - News18
2 years, 3 months ago

Crime Branch Officials Still Unclear About Total Money Embezzled: Report - News18

News 18  

As cases pile up in the multi-crore fraud at the Punjab National Bank in Kerala, the Kozhikode district Crime Branch team that has been entrusted with the probe in the scam is reportedly still unclear about the actual amount lost in the embezzlement. According to a report by The Hindu, three new cases have been registered in the case and …

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders
2 years, 7 months ago

Bank Frauds: Know India's 4 Biggest Financial Scams That Have Hit Lenders

News 18  

The Enforcement Directorate recently attached assets worth Rs 415 crore of Maharashtra’s two builders in relation to the Yes Bank-DHFL bank loan fraud-linked money laundering case. The DHFL scam is India’s biggest financial fraud involving Rs 34,000 crore, in which a total of 17 banks have been defrauded by this home loan provider. Here’re four biggest financial scams in India: …

Private Banks See Most Frauds in FY22; Govt Banks Contribute Highest Amount: RBI Data
2 years, 9 months ago

Private Banks See Most Frauds in FY22; Govt Banks Contribute Highest Amount: RBI Data

News 18  

Private sector banks witnessed the most number of frauds in 2021-22, while public sector banks contributed the highest in terms of fraud value, according to the Reserve Bank of India’s Annual Report 2021-22. “An assessment of bank group-wise fraud cases over the last three years indicates that while private sector banks reported maximum number of frauds, public sector banks contributed …

Bank Fraud: Lenders to Approach RBI to Seek Change in Definition; Here's Why
2 years, 10 months ago

Bank Fraud: Lenders to Approach RBI to Seek Change in Definition; Here's Why

News 18  

As part of efforts to move away from the requirement of all banks to label a borrowing company and all its accounts as ‘fraud’ when one lender puts such a fraud tag, banks are planning to approach the Reserve Bank of India to seek a change in the definition of ‘fraud’, according to an ET report. The current rule of …

No PSB bank employees found involved in Rs 14,349-crore ABG Shipyard fraud case, says Nirmala Sitharaman
3 years ago

No PSB bank employees found involved in Rs 14,349-crore ABG Shipyard fraud case, says Nirmala Sitharaman

Firstpost  

ABG Shipyard was granted a loan under consortium arrangement led by ICICI Bank, and the account was declared as a non-performing asset by the lender banks in August 2013 New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said no public sector bank employees were found to be involved in the Rs 14,349 crore bank fraud by ABG Shipyard Ltd, and …

ABG Shipyard duped SBI and 27 other banks of Rs 22,842 crore: Know all about India's biggest bank fraud
3 years, 1 month ago

ABG Shipyard duped SBI and 27 other banks of Rs 22,842 crore: Know all about India's biggest bank fraud

India TV News  

Highlights CBI books ABG in biggest bank fraud case Funds were used for purposes other than for which they were released by banks The company was sanctioned credit facilities from 28 banks and financial institutions India's biggest bank fraud case: The Central Bureau of Investigation is carrying out searches at several places linked to ABG Shipyard in Mumbai in connection …

CBI registers case against Hyderabad private company for Rs 218 crore SBI loan fraud
3 years, 1 month ago

CBI registers case against Hyderabad private company for Rs 218 crore SBI loan fraud

India Today  

The Central Bureau of Investigations has registered a fraud case against a Hyderabad-based firm for allegedly committing bank fraud worth over Rs 218 crore. The CBI registered a case against a private company based at Ameerpet in Telangana’s Hyderabad and others, including its managing director, a director & unknown public servants and private persons. The complaint alleged that the private …

Cyber Fraudsters Hack Bank Server in Hyderabad, Robs Rs 12.90 Crore; Complaint Filed
3 years, 2 months ago

Cyber Fraudsters Hack Bank Server in Hyderabad, Robs Rs 12.90 Crore; Complaint Filed

News 18  

Cyber fraudsters robbed Rs 12.9 crore from the Mahesh Cooperative Bank in Hyderabad by hacking the server of the bank. It was learned that the fraudster had entered into a bank server and hacked it to the tune of Rs 12.90 crore. One of whom is a woman and transferred Rs 12.90 crore from the main server to these three …

CBI books Amrapali Biotech, directors in alleged ₹48 crore bank fraud
3 years, 7 months ago

CBI books Amrapali Biotech, directors in alleged ₹48 crore bank fraud

Live Mint  

The Central Bureau of Investigation has filed an FIR against Amrapali Biotech and its directors over allegations of duping Punjab National Bank to the tune of ₹47.97 crore. The original bank of concern was Oriental Bank of Commerce, which was merged with Punjab National Bank, with effect from April 1, 2020, under the mass public-sector banks' consolidation. The Central Bureau …

CBI books private company, others for causing loss of Rs 2435 crore to banks
3 years, 9 months ago

CBI books private company, others for causing loss of Rs 2435 crore to banks

India TV News  

The Central Bureau of Investigation on Thursday registered a case against a Mumbai-based private company and its officials for causing an alleged loss of Rs 2435 crore to banks including the State Bank of India. It was alleged that the accused had cheated the SBI and other consortium member banks including Bank of Maharashtra, Axis bank, Yes Bank, Corporation Bank, …

Shares worth Rs 5800 crore sold, ED says 40 pc of loss in PNB, Mallya bank fraud cases recovered
3 years, 9 months ago

Shares worth Rs 5800 crore sold, ED says 40 pc of loss in PNB, Mallya bank fraud cases recovered

India TV News  

About 40 per cent of the money lost by banks in alleged frauds perpetrated by fugitive businessmen Nirav Modi, Mehul Choksi and Vijay Mallya has been recovered so far, the Enforcement Directorate said after the sale of attached shares worth over Rs 5,800 crore on Wednesday. "The quantum of the attached and seized assets represent 80.45 per cent of the …

CBI files two cases for alleged bank fraud of over Rs 200 crore
4 years, 1 month ago

CBI files two cases for alleged bank fraud of over Rs 200 crore

India TV News  

The Central Bureau of Investigation has registered two separate cases related to bank fraud and conducted searches at 8 locations in Delhi, Ahmedabad, Gandhinagar and Gurgaon. The first case was registered against a private company based at Ahmedabad and others including its Directors and unknown public servants/persons on a complaint from State Bank of India. State Bank of India, Ahmedabad …

PNB Fraud Case: ED Attaches Assets Worth Over Rs 14 Crore Belonging to Mehul Choksi
4 years, 1 month ago

PNB Fraud Case: ED Attaches Assets Worth Over Rs 14 Crore Belonging to Mehul Choksi

News 18  

The Enforcement Directorate has attached assets worth over Rs 14 crore belonging to the Gitanjali Group and its promoter and jeweller Mehul Choksi, one of the prime accused in the alleged over Rs 13,000 crore PNB loan fraud case. Choksi, 61, is the maternal uncle of Nirav Modi who is the other prime accused in the alleged over USD 2 …

CBI registers about 190 cases of bank fraud in 2020
4 years, 2 months ago

CBI registers about 190 cases of bank fraud in 2020

The Hindu  

The Central Bureau of Investigation registered about 190 cases of bank fraud in year 2020, involving alleged misappropriation of close to ₹60,000 crore. Surana Corporation case Another entity that made it to the list was Surana Corporation Limited, which along with others was booked in October for allegedly cheating six banks of ₹2.930 crore. In February, the agency had registered …

Big bank fraud! Consortium of banks suffer loss of over Rs 4,837 crore, CBI probe underway
4 years, 2 months ago

Big bank fraud! Consortium of banks suffer loss of over Rs 4,837 crore, CBI probe underway

India TV News  

The Central Bureau of Investigation has registered a case against a private company based at Hyderabad and others including its managing Director, Joint Managing Director, and unknown public servants/others on a complaint from State Bank of India, Hyderabad. It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of Public Sector Banks, consisting …

Bank fraud! CBI files chargesheet against 24 accused for alleged loss of over Rs 297 crore to various banks
4 years, 2 months ago

Bank fraud! CBI files chargesheet against 24 accused for alleged loss of over Rs 297 crore to various banks

India TV News  

The Central Bureau of Investigation has today filed a chargesheet before Special Judge for CBI cases, Mumbai against 24 accused including a private company based at Mumbai, its director, Chartered Accountant, then officials of Indian Overseas Bank, Directors/proprietor of associated companies/firms etc for causing an alleged loss of Rs 297.80 crore to the bank. Out of these nationalized banks, Indian …

SBI, Punjab and Sind Bank allegedly cheated of over Rs 131 crores; CBI registers cases
4 years, 3 months ago

SBI, Punjab and Sind Bank allegedly cheated of over Rs 131 crores; CBI registers cases

India TV News  

The State Bank of India and Punjab and Sind Bank have been allegedly cheated of over Rs 131 crores in two separate cases of fraud. The first case was registered on a complaint from SBI against a private company based in Gujarat's Ahmedabad and others including directors, public servants, and unknown others on the allegations of cheating the State Bank …

CBI Raids Several Locations in 2 Separate Bank Fraud Cases Worth Rs 1,000 Crore
4 years, 3 months ago

CBI Raids Several Locations in 2 Separate Bank Fraud Cases Worth Rs 1,000 Crore

News 18  

The Central Bureau of Investigation on Friday carried out searches at several locations in Hyderabad, Guntur and Tamil Nadu in connection with two separate cases of bank frauds involving amounts to the tune of Rs 7,926.01 crore and Rs 313.79 crore respectively, officials said. A CBI official said that the agency has registered a case against Hyderabad-based Transstroy Ltd, its …

Over Rs 8,000 crore bank fraud! SBI, Canara Bank register complaint against private firms
4 years, 3 months ago

Over Rs 8,000 crore bank fraud! SBI, Canara Bank register complaint against private firms

India TV News  

The Central Bureau of Investigation has registered two separate cases related to bank fraud to the tune of Rs. The first case has been registered against a Hyderabad-based private company and others including its CMD, Additional Directors, unknown public servants and others on a complaint from Canara Bank. It was also alleged that the accused misappropriated bank's funds and diverted …

SBI, PNB, Bank of Baroda among banks cheated of Rs 525 crore; CBI registers 2 cases
4 years, 3 months ago

SBI, PNB, Bank of Baroda among banks cheated of Rs 525 crore; CBI registers 2 cases

India TV News  

In a major banking fraud, prominent banks in the country have been cheated of over 500 crore rupees. According to the complaints registered with the probe agency, a consortium of banks including the State Bank of India was duped of Rs 452.62 crores and Bank of Baroda of Rs 73 crores. The first case was registered on the complaint from …

More Than 84,500 Bank Fraud Cases Reported During 2019-20, Says RBI in Reply to RTI
4 years, 7 months ago

More Than 84,500 Bank Fraud Cases Reported During 2019-20, Says RBI in Reply to RTI

News 18  

Around 84,545 fraud cases – involving about Rs 1.85 lakh crore – were reported by scheduled commercial banks and select FIs during 2019-20, an RTI activist said, citing information received from the Reserve Bank of India. Kolarkar in his RTI query sought to know how many fraud cases have taken place during April 1, 2019 to March 31, 2020 and …

Punjab & Sind Bank reports fraud of Rs 112 crore in 2 accounts
4 years, 8 months ago

Punjab & Sind Bank reports fraud of Rs 112 crore in 2 accounts

India TV News  

Punjab & Sind Bank on Friday reported fraud of Rs 112.42 crore in two NPA accounts of Maha Associated Hotels and Edyar Zinc. The Delhi-headquartered lender in a filing said that "an NPA account Maha Associated Hotels Pvt Ltd with outstanding dues of Rs 71.18 crore having provisioning of Rs 44.40 crore has been declared as fraud and reported to …

SBI officer booked by CBI for defrauding Karnataka handicrafts body of Rs 5 crore
4 years, 9 months ago

SBI officer booked by CBI for defrauding Karnataka handicrafts body of Rs 5 crore

India Today  

The Central Bureau of Investigation has initiated a probe into a scam of Rs 5 crore involving officials of Karnataka State Handicrafts Development Corporation Limited and State Bank of India. The SBI, in its complaint to the federal probe agency, said that the bank opened a current account on July 21, 2018 - bearing number 378288793815 - based on the …

CBI books Delhi-based private firm for defrauding SBI, PNB of Rs 398 crore
4 years, 9 months ago

CBI books Delhi-based private firm for defrauding SBI, PNB of Rs 398 crore

India Today  

The Central Bureau of Investigation has conducted searches in the national capital in connection with a bank fraud case of Rs 398 core. The two biggest lenders of country, State Bank of India and Punjab National Bank, have been defrauded to the tune of Rs 398 crore, said the agency. On the complaint of SBI, the federal probe agency booked …

NPAs of BoB, Indian Bank surge multi-fold in 6 years: RTI data
4 years, 10 months ago

NPAs of BoB, Indian Bank surge multi-fold in 6 years: RTI data

India TV News  

Non-performing assets of Bank of Baroda soared more than six-fold to Rs 73,140 crore while those of Indian Bank surged four-times to Rs 32,561.26 crore in six years, according to a Right to Information reply. The NPA of Bank of Baroda rose from Rs 11,876 crore at March-end 2014 to Rs 73,140 crore at December-end 2019, the RTI reply showed. …

Sharp decline in PSB fraud amount, Centre tells Lok Sabha
5 years ago

Sharp decline in PSB fraud amount, Centre tells Lok Sabha

The Hindu  

Comprehensive steps taken to curb fraud in public sector banks have resulted in a sharp decline in the amount involved, from ₹50,329 crore in 2013-14 to just ₹3,781 crore in the first three quarters of 2019-20, according to the Finance Ministry. An online searchable database of frauds reported by banks, in the form of Central Fraud Registry, has been set …

IDBI Bank's October-December quarter net loss widens to Rs 5,763 cr; gross bad loans remain at elevated level
5 years, 1 month ago

IDBI Bank's October-December quarter net loss widens to Rs 5,763 cr; gross bad loans remain at elevated level

Firstpost  

New Delhi: IDBI Bank on Tuesday reported widening of its standalone net loss to Rs 5,763.04 crore for the third quarter ended December as bad loans remained at an elevated level. Total income during the three months to December 2019, however, grew to Rs 6,215.60 crore from Rs 6,190.94 crore in the year-ago period, IDBI Bank said in a regulatory …

Bad loans of PSBs fall to ₹7.27 lakh crore at end of Sept 2019: Sitharaman
5 years, 1 month ago

Bad loans of PSBs fall to ₹7.27 lakh crore at end of Sept 2019: Sitharaman

Live Mint  

New Delhi: Finance Minister Nirmala Sitharaman on Monday said public sector banks' bad loans came down to ₹7.27 lakh crore at the end of September 2019, on host of measures taken by the government to improve financial health of the banks in the country. "The government has instituted comprehensive reforms in PSBs to improve, governance, underwriting, monitoring and recovery, and …

NPAs of public sector banks stand at ₹7.27 lakh crore as on H1FY20: Govt
5 years, 1 month ago

NPAs of public sector banks stand at ₹7.27 lakh crore as on H1FY20: Govt

Live Mint  

New Delhi: The government on Monday said the Non Performing Assets of Public Sector Banks stood at ₹7.27 lakh crore as on September 30, 2019. Union Minister of State for Finance Anurag Thakur also said in Lok Sabha that scheduled commercial banks and select financial institutions have reported frauds to the tune of ₹1,13,374 crore in the first half of …

Govt sets up board to examine bank frauds of at least ₹50 crore before agencies step in
5 years, 2 months ago

Govt sets up board to examine bank frauds of at least ₹50 crore before agencies step in

Hindustan Times  

The government has constituted a five-member Advisory Board to vet all alleged frauds of a magnitude of at least ₹50 crore in state-run banks and public financial institutions before these are referred to investigative agencies such as the Central Bureau of Investigation in a move aimed at distinguishing honest business decisions of bankers from the not-so-honest ones. The move is …

Banks see 74 per cent rise in frauds
5 years, 3 months ago

Banks see 74 per cent rise in frauds

Deccan Chronicle  

Mumbai: Banks reported a total fraud of Rs 71,543 crore in 2018-19, a 74 per cent rise as against Rs 41,167 crore in the previous financial year with state owned banks accounting for a bulk of these frauds according to the Reserve Bank of India’s report titled Trends and Progress of Banking 2018-19. “Public sector banks accounted for a bulk …

Total frauds at banks rise 74 pc to Rs 71,543 crore in 2018-19: RBI
5 years, 3 months ago

Total frauds at banks rise 74 pc to Rs 71,543 crore in 2018-19: RBI

India TV News  

Banks reported a total fraud of Rs 71,543 crore in 2018-19, a 74 per cent increase as against Rs 41,167 crore in the previous financial year, according to a report by the Reserve Bank of India. "Public sector banks accounted for a bulk of frauds reported in 2018-19 -- 55.4 per cent of the number of cases reported and 90.2 …

CBI carries out searches at 13 locations in Rs 568.52 crore bank fraud
5 years, 3 months ago

CBI carries out searches at 13 locations in Rs 568.52 crore bank fraud

India TV News  

The CBI carried out searches at 13 places in Mumbai and Lonavala on Thursday after registering a case in a bank loan fraud worth Rs 568.52 crore by P&S Jewellery Limited. The CBI has booked the company and its directors --Paresh Shah, Sahil Pareh Shah, Viraj Chetan Shah -- and unidentified public servants and others under sections related to criminal …

The link between NPAs and frauds at govt-run banks
5 years, 3 months ago

The link between NPAs and frauds at govt-run banks

Live Mint  

The finance minister informed Parliament last month that state-run banks reported frauds of over ₹95,760 crore in April-September. According to the Reserve Bank of India’s latest annual report, all banks, including PSBs, reported frauds involving losses of ₹71,542.93 crore over the 12-month period of FY19. Former RBI governor Urjit Patel made a presentation at Stanford University in June that showed …

22 people in Kolkata lose over ₹5 lakh to ATM fraud
5 years, 3 months ago

22 people in Kolkata lose over ₹5 lakh to ATM fraud

India TV News  

The Kolkata Police have received at least 22 complaints of people losing money from their bank accounts through fraudulent means over the past two-three days despite having their debit cards with themselves, an officer said on Monday. The complaints have mostly come from the Jadavpur area under the Southern suburban division of city police, Joint Commissioner Murlidhar Sharma said. As …

Discover Related