Banks operating in India reported fraud of Rs 4.92 trillion as of March 31, 2021, which represents nearly 4.5% of the total bank credit, showed Reserve Bank of India (RBI) data, according to a reply to an RTI query.
The data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021.
State Bank of India – the country’s largest lender – reported the highest amount of loans as fraud - Rs 78,072 crore as of March 31, 2021. SBI is followed by Punjab National Bank (Rs 39,733 crore), Bank of India (Rs 32,224 crore), and Union Bank of India (Rs 29,572 crore).
The top five banks account for 42.1% or Rs 2,06,941 crore of the total frauds classified by the banks.
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