In between April and December 2016, over 3,500 cases of fraudulent transactions were reported involving Rs 177.50 billion, which were facilitated by 450 private and public sector employees.
New Delhi: Public Sector Banks in India lost at least 227.43 billion (Rs 22,743 crore) owing to fraudulent banking activities between 2012 and 2016, according to an IIM-Bangalore study. This was recently informed by Electronics and Information-technology minister Ravi Shankar Prasad in the Parliament, citing Reserve Bank of India (RBI) data.
Prasad said there have been over 25,600 cases of banking fraud, worth Rs 1.79 billion up to December 21 last year. According to data released by the apex bank for the first nine months of FY17, approximately 455 cases of fraud transactions - each of Rs 1,00,000 or above - were detected at ICICI Bank; 429 at State Bank of India, 244 at Standard Chartered Bank and 237 at HDFC Bank.
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Data shows that over 60 employees from the State Bank of India; 49 from HDFC Bank, and 35 from Axis bank were involved in facilitating these transactions. The country's second-largest state-owned lender Punjab National Bank (PNB) also reported that it has suspended over 20 of its employees, in view of the recent bank fraud to the tune of Rs 11,400 crore.
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In between April and December 2016, over 3,500 cases of fraudulent transactions were reported involving Rs 177.50 billion, which were facilitated by 450 private and public sector employees.
Source--www.timesnownews.com