The Reserve Bank of India has said that public sector banks reported over a 51 per cent fall in the amount involved in frauds to Rs 40,295.25 crore during the financial year 2021-22 (FY22). As many as 12 PSBs (Public Sector Banks) had reported frauds worth Rs 81,921.54 crore in the preceding fiscal 2020-21, the central bank said in response to an application under the Right to Information (RTI) Act.
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However, the number of fraud cases didn’t fall at the same pace as a total of 7,940 frauds reported by the PSBs in 2021-22, against 9,933 incidents reported in FY21, said the RBI’s reply to Madhya Pradesh-based RTI activist Chandrashekhar Gaur.
Key points of the reports:
- According to the RBI data on frauds reported by PSBs in all categories during FY22, the highest amount of Rs 9,528.95 crore was reported by the city-based Punjab National Bank (PNB), involving 431 such incidents.
- The country’s largest lender State Bank of India reported frauds worth Rs 6,932.37 crore in as many as 4,192 cases — reflecting incidents of a large number of small value frauds.
- Bank of India reported frauds worth Rs 5,923.99 crore (209 incidents), followed by Bank of Baroda at Rs 3,989.36 crore (280); Union Bank of India Rs 3,939 crore (627), while Canara Bank reported frauds worth Rs 3,230.18 crore in just 90 cases — showing that the transactions were of high-value frauds.
Important takeaways for all competitive exams:
- RBI Founded: April 1, 1935;
- RBI Headquarters: Mumbai, Maharashtra;
- RBI Governor: Shaktikanta Das;
- RBI Deputy Governors: Mahesh Kumar Jain, Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar.