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21 Public Sector Banks lost Rs 25,775 crore in bank frauds in 2017-18 reveals RTI report

Twenty-one public sector banks (PSBs) 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.

Punjab National Bank (PNB) 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 today.

He added that the reply, which was sent to him on May 15, did not specify details of any particular case of banking fraud. One of the biggest banking frauds, allegedly involving diamond merchants Nirav Modi and Mehul Choksi and PNB officials, is being currently investigated by the Central Bureau of Investigation. The investigating agency has filed two charge sheets in the special CBI court in Mumbai in connection with the Rs 12,636 crore PNB scam.

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.

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