Public sector banks reported over 51 per cent dip in the amount involved in frauds to ₹ 40,295.25 crore during the financial year ended March 2022, the Reserve Bank of India has said.
The 12 PSBs (Public Sector Banks) had reported frauds worth ₹ 81,921.54 crore in preceding fiscal 2020-21, the Reserve Bank has said in response to an application under the Right to Information (RTI) Act.
However, the number of fraud cases didn't fall at the same pace as a total of 7,940 frauds reported by the PSBs in 2021-22, against 9,933 incidents reported in FY21, said the RBI's reply to Madhya Pradesh-based RTI activist Chandrashekhar Gaur.
According to the RBI data on frauds reported by PSBs in all categories during FY22, the highest amount of ₹ 9,528.95 crore was reported by the city-based Punjab National Bank (PNB), involving 431 such incidents.
The country's largest lender State Bank of India reported frauds worth ₹ 6,932.37 crore in as many as 4,192 cases -- reflecting incidents of a large number of small value frauds.
Bank of India reported frauds worth ₹ 5,923.99 crore (209 incidents), followed by Bank of Baroda at ₹ 3,989.36 crore (280); Union Bank of India ₹ 3,939 crore (627), while Canara Bank reported frauds worth ₹ 3,230.18 crore in just 90 cases -- showing that the transactions were of high value frauds.
Among others, Indian Bank customers faced frauds amounting to ₹ 2,038.28 crore in 211 cases; Indian Overseas Bank ₹ 1,733.80 crore (312); Bank of Maharashtra ₹ 1,139.36 crore (72 cases); Central Bank of India ₹ 773.37 crore; UCO Bank ₹ 611.54 crore (114 crore) and Punjab & Sind Bank reported frauds of ₹ 455.04 crore in as many as 159 incidents.
RBI said that the data may change subject to rectification/update made subsequent to first reporting of banks (in respect of individual frauds). As per the RBI reply, the amount of frauds worth less than ₹ 1 lakh has been recorded from April 1, 2017.