96 bank frauds involving Rs 33,000 crore took place last year: Govt

The highest amount involved was in the case of Punjab National Bank (Rs 4,820 crore), followed by Bank of India (Rs 3,925 crore) and State Bank of India (Rs 3,902 crore).

New Delhi: Bank frauds involving a whopping Rs 33,959 crore took place in India in barely nine months. The data was shared by Finance Bhagwat Karad in Rajya Sabha on Tuesday who said that a total of 96 bank frauds, each of them Rs 100 crore or above, took place from April 1, 2021, to December 31, 2021.

According to the data provided by the Minister, among the scheduled commercial banks and select financial institutions, the highest amount involved was in the case of Punjab National Bank (Rs 4,820 crore), followed by Bank of India (Rs 3,925 crore) and State Bank of India (Rs 3,902 crore). While 10 such incidents of fraud took place in Punjab National Bank in the said period, 13 such bank frauds took place in Bank of India, and eight such incidents took place in the State Bank of India.

"RBI has issued master directions for classifications and reporting of frauds by commercial banks and select financial institutions to direct the focus of banks on aspects related to the prevention, early detection, and prompt reporting of fraud to RBI and the investigating agencies and timely initiation of the staff accountability proceedings. Action is taken against erring officials as per rules/regulations made in this behalf," Karad said in his written reply.

He further stated that several measures are also being taken, including enacting the Fugitive Economic Offenders Act, 2018 for attachment of a fugitive offender's property, to deter fraudsters.