PUBLIC SECTOR BANKS LOSE RS 25,775 CR DUE TO BANK FRAUDS IN FY18

An RTI reply has revealed that 21 Public Sector Banks together have incurred losses of a staggering Rs 25,775 crore due to bank frauds in the financial year 2017-18. The Punjab National Bank (PNB) had suffered the highest loss of Rs 6461.13 cr, the reply to the RTI filed by Chandrasekhar Gaud with the Reserve Bank of India revealed.

The State Bank of India’s losses stood at Rs 2390.75 cr, the Bank of India at Rs 2,224.86 cr, Bank of Baroda at Rs 1,928.25 cr, Allahabad Bank at Rs 1,520.37 cr, Andhra Bank at Rs 1,303.30 cr and UCO Bank at Rs 1,224.64 cr. Further, IDBI Bank’s losses are pegged at Rs 1,116.53 cr, Union Bank of India at Rs 1,095.84 cr, Central Bank of India at Rs 1,084.50 cr, Bank of Maharashtra at Rs 1,029.23 cr and Indian Overseas Bank had incurred a loss of Rs 1,015.79 cr.

Other banks who incurred the losses include Corporation Bank (Rs 970.89 cr), United Bank of India (Rs 880.53 cr), Oriental Bank of Commerce (Rs 650.28 cr), Syndicate Bank (Rs 455.05 cr), Canara Bank (Rs 190.77 cr), Punjab and Sind Bank (Rs 90.01 cr), Dena Bank at (Rs 89.25 cr), Vijaya Bank (Rs 28.58 cr) and Indian Bank (Rs 24.23-cr).