Frauds Of Total Rs. 4.92 Trillion Reported By Several Banks In India During FY19-20, SBI’s Amount Largest

Several Indian banks have reported a fraud of Rs. 4.92 trillion as of March 31st, 2021. This humongous amount conveys more than 4.5% of the total bank credit, as per the RBI data. The data has converged the total frauds of 90 banks and a total of 45,613 loan-related hoaxes. The State Bank of India- the country’s most popular bank has been affected the most by this scam, as the bank reports the highest amount of Rs. 78,702 crores as of March 31.

After SBI, Punjab National bank comes to the list with the fraud amount of Rs. 39,733 crores, then Bank of India with Rs. 32,224 crores, and the Union Bank of India with Rs. 29,572 crores. “bank-related banking data linked to other banks over time (such as Andhra Bank, Corporation Bank, etc.) is provided as reported by each bank during the operation of that bank,” the RBI said in an RTI report. The top five banks make up 42.1 percent or Rs 2,06,941 crore of total fraud split by banks. Among the private…