SBI reports 1,329 fraud cases worth Rs 5,555 cr in Apr-Sep 2018

By: | Published: October 9, 2018 9:45 PM

As many as 1,329 cases of fraud, involving an amount of Rs 5,555.48 crore, came to light in country's largest bank State Bank of India (SBI) in first six months of the current fiscal year, an RTI query has revealed.

sbi, latest news, important news, sbi fraud, sbi fraud case, fraud cases, 5,555 crore, bank news, sbi news update, sbi latest news todayThe analysis of these statistics shows that in the second quarter, the number of fraud cases reported in SBI reduced by just nine, while the amount involved rose by about 568.33 per cent over the first quarter. (Reuters)

As many as 1,329 cases of fraud, involving an amount of Rs 5,555.48 crore, came to light in country’s largest bank State Bank of India (SBI) in first six months of the current fiscal year, an RTI query has revealed. In response to a query of RTI activist Chandrashekhar Gaud, SBI said that 669 cases of fraud amounting to Rs 723.06 crore were reported in the first quarter (April-June), while 660 cases, involving an amount of Rs 4,832.42 crore, came to light in the second quarter (July-September).

The analysis of these statistics shows that in the second quarter, the number of fraud cases reported in SBI reduced by just nine, while the amount involved rose by about 568.33 per cent over the first quarter. Gaud had also sought the information about the financial loss to the bank due to banking fraud. SBI in its response, however, said this amount cannot be quantified.

In reply to a query about the money lost by bank’s clients due to banking frauds in the given period, SBI said, “The information relating to the incidents of frauds with SBI customers and the amount lost by the SBI customers is not compiled in the ordinary course of business and hence, exempted from disclosure under Section 7 (9) of the RTI Act, 2005.”

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