Tuesday, September 27, 2022
HomelatestRs 61,200 crores fraud in last 5 years in the Banking Sector

Rs 61,200 crores fraud in last 5 years in the Banking Sector

Punjab National Bank scam in last 5 years Rs 61,200 crores

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The recent scam in the Punjab National Bank (PNB) shocked everyone in the nation. Many people might have thought that the issue is solely limited to the PNB itself. The recent publications from RBI give a much larger picture, which could literally shake the ground below you.

According to the RBI, 8760 cases of fraud, related to the banking have been registered in the last 5 years. The total value involved in these cases is Rs 61,200 crores. The ‘Reuters’ obtained the above from the RBI using the Right to Information Act.

Currently many nationalized and private banks are facing the heat of bad loans, which are close to Rs 1, 00,000 crores. The latest PNB incident is a wakeup call for other banks, which are going through their records.

The last fiscal year saw fraudulent transactions worth Rs 17,634 crores. The same number has been Rs 6,357 crores in 2012-2013 FYI. The recent case of Nirav Modi exposed the fact that, the Mumbai PNB branch granted loans worth $1.77 Billion to Nirav Modi’s companies without any surety or guarantor.

The banking sector has been calling for various reforms in the banking sector. The government needs to tackle the ongoing fraudulent activities and bad loans before they break the financial system.

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