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Frauds in Public Sector Bank Falls to 51%

Published on May 22, 2022
Current Context: In a recent report released by India’s central bank RBI stated that there has been a fall of 51% in frauds involved by Public Sector Banks.
Frauds in Public Sector Bank Falls to 51%
  • During the financial year which ended March 2022, All 12 PSBs have reported over a 51% fall in the amount involved in frauds or scams which amounts to Rs 40,295.25 cr. compared to Rs 81,921.54 crore in the preceding fiscal 2020-21.
  • But, the number of fraud cases didn't fall at the same speed, from 2021to 22 a total of 7,940 frauds were reported by the PSBs besides 9,933 incidents reported in FY21.
  • According to the report Punjab National Bank was involved in the highest number of fraud cases i.e 431 which amounts toRs 9,528.95 crores.
  • Domestic systematically banks like State Bank of India reported frauds worth Rs 6,932.37 crore in as many as 4,192 cases.
  • Apart from that many other PSBs like Bank of India reported frauds worth Rs 5,923.99 cr in 209 cases shadowed by BOB at Rs 3,989.36 cr in 280 fraud cases, Union Bank of India Rs 3,939 cr in 627 cases, whereas Canara Bank reported frauds worth Rs 3,230.18 cr in 90 cases.
  • As per the report since April 2017, the total amount of fraud is less than 1 lakh has been recorded.

Question:

Q.1 According to RBI data, PSBs have reported________% dip in frauds cases?
a. 72%
b. 51%
c. 85%
d. 62%
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