‘21 PSBs lost Rs 25775 cr in bank frauds in 2017-18’

New Delhi, May 28: Twenty-one public sector banks (PSBs) have incurred losses totalling Rs 25,775 crore due to banking frauds in the financial year 2017-18, a Right to Information reply has stated.
The Punjab National Bank (PNB) had incurred the highest loss of Rs 6461.13 crore due to different cases of fraud during the fiscal that ended on March 31 this year, Chandrasekhar Gaud, who had filed the RTI with the Reserve Bank of India, said.
He added that the reply, which was sent to him on May 15, did not specify details of any particular case of banking fraud.
One of the biggest banking frauds, allegedly involving diamond merchants Nirav Modi and Mehul Choksi and PNB officials, is being currently investigated by the Central Bureau of Investigation.
The investigating agency has filed two charge sheets in the special CBI court in Mumbai in connection with the Rs 12,636 crore PNB scam.
The RTI reply stated that the State Bank of India had, during this period, incurred losses of Rs 2390.75 crore due to various cases of banking fraud.
In the given period, the Bank of India had incurred a loss of Rs 2,224.86 crore, Bank of Baroda’s losses stood at Rs 1,928.25 crore, Allahabad Bank at Rs 1,520.37 crore, Andhra Bank at Rs 1,303.30 crore and Uco Bank at Rs 1,224.64 crore.
The RTI reply informed that the IDBI Bank incurred losses of Rs 1,116.53 crore, Union Bank of India had losses of Rs 1,095.84 crore, Central Bank of India of Rs 1,084.50 crore, Bank of Maharashtra of Rs 1,029.23 crore and Indian Overseas Bank had incurred a loss of Rs 1,015.79 crore.