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3 lakh crore rupees fraud in 12 state-owned banks of India in 5 years

Sathia Kumar

India’s 12 state-owned banks have been defrauded to the tune of Rs 3 lakh crore in the last five years.

India’s 12 state-owned banks have been defrauded to the tune of Rs 3 lakh crore in the last five years. Out of this, more than 1 lakh 30 thousand crores of fraud has been committed in the financial year 2019-20 alone. Union Minister of State for Finance Bhagwat Karad gave this information in response to a written question in the Lok Sabha on Monday.

The question was asked by Trinamool Congress member Abhishek Banerjee in the Lok Sabha. He wants to know how many fraudulent financial transactions in five years from 2018-19 to 2022-23 fiscal year? The Minister of State for Finance replied according to the information of the Reserve Bank of India.

According to that information, 50 thousand 264 crores in 2018-19, 130 thousand 692 crores in 2019-20 Lok Sabha election year, 67 thousand 459 crores in 2020-21, 32 thousand 375 crores in 2021-22 and In 2022-23, fraud of Rs. 19 thousand 75 crores took place.

State Bank of India has the most frauds as a government. In five years only this bank has incurred a loss of 58 thousand 476 crore rupees. In second place, Punjab National Bank has a total loss of Rs 45,667 crore. United Bank of India is in third place with a loss of Rs 37,972 crore. The other banks are Bank of Baroda, Canara Bank, Bank of India, Indian Overseas Bank, Indian Bank, Central Bank of India, UCO Bank, Bank of Maharashtra and Punjab and Sindh Bank.

State Minister Bhagwat Karad said that action has been taken against those banks as per the instructions of the Reserve Bank. From January 1, 2019 to December 31, 2023, banks have been fined 34 crore 14 lakh rupees.

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