Fraudsters duped banks to tune of Rs 10,197 crore in '13-14: RBI

Fraudsters duped banks to tune of Rs 10,197 crore in '13-14: RBI

THE fraudsters have duped various public sector and private banks to the tune of a whopping Rs 10.197 crores in last one year. Reserve Bank of India (RBI) informed that total
13.919   frauds   were   unearthed between April 1. 2013 to March 31. 2014 involving this mind-boggling sum. The magnitude of the frauds and incidents involving all major public and private banks has badly exposed the weak internal checks
and loopholes exploited by the financial wizards to run away with public money.

This information was obtained by RTI Activist Abhay Kolarkar from RBI. Surprisingly, the RBI also confirmed that many bank employees connived with fraudsters in duping the hank and run away with puhlic money. As many as 659 employees were    found    involved    in   this
scam and colluded with white collar criminals in siphoning of the
bank money. In another query. RBI informed
that the total non performing assets (NPA) of various public sectors and
private   hanks   is  whopping   Rs2.51,011 crores as on March 2014.
This data has not covered co-operative  banks,   where  scams  are
taking place at regular intervals and many banks are on the verge of
bankruptcy. NPA of State Bank of India, which is biggest bank, is naturally highest and totalling Rs 57.819 crore. followed by Punjab National Bank (Rs
18.61 Icrore). Central Bank of India (Rs 11.500 crore). Bank of India
(Rs 10.274 crores). The IDBI bank's NPA is Rs 9.949 crore. Bank of Baroda (Rs 9.894(crore). ICICI Bank Limited (Rs9.339 crore). Union Bank of India

Posted in: News 2014