According to an RBI report, public sector banks (PSBs) accounted for the majority of frauds reported in 2018–19, with 55.4% of the cases reported and 90% of the money involved. This is primarily due to an inadequate internal process, lack of personnel, and inadequate systems to address operational risks.
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Large value frauds, which comprise 86.4 percent of all reported frauds during the year in terms of value, typically involved borrowers diverting money through associated or shell companies, accounting irregularities, manipulating financial or stock statements, opening current accounts with banks outside the lending consortium without receiving lender approval, and devolving Letters of Credit (LCs).
The report summarizes the financial results of the banking industry, including cooperative banks, for the first half of 2018–19 and the first half of 2019–20 (until June 30).
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1: Bank of Baroda
2: Bank of India
3: Bank of Maharashtra
4: Canara Bank
5: Central Bank of India
6: Indian Bank
7: Indian Overseas Bank
8: Punjab & Sind Bank
9: Punjab National Bank
10: State Bank of India
11: UCO Bank
12: Union Bank of India
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