Frauds continue to plague public sector banks, 2,480 cases of fraud registered in first quarter of FY20

A Right to Information activist from Neemuch of the Malwa region in Madhya Pradesh has claimed in response to his RTI query, the RBI has revealed that a total of 2,480 cases of fraud in public sector banks involving more than ₹31,800 crore have been registered in the first quarter of current financial year 2019-20, reported news agency ANI.

"I had filed an RTI seeking details of the number of cases of fraud registered in public sector banks from April to June, besides the amount involved. I had also asked about the losses incurred in banking fraud cases," said Chandrashekhar Gaud.

"In its reply, RBI informed that during the first quarter of ongoing financial year (April 1 to June 30), a total of 2,480 cases of fraud in 18 public sector banks involving an amount of over ₹31,898.63 crore were registered," Gaud said.

According to the report in ANI, Number of cases registered in State Bank of India (1,197), Punjab National Bank (99) and Allahabad Bank (381) are higher as compared to other banks. Gaud activist said he had also asked about the losses incurred in these banks. "In its reply, RBI said it has no information in this regard," said Gaud.