High-value frauds in PSBs fell by 30 per cent in FY18: Govt

The highest incidence of frauds involving Rs 1 lakh or more was observed at SBI, the country's largest bank.

Written by Shritama Bose | Mumbai | Published: August 8, 2018 1:53:17 am
High-value frauds in PSBs fell by 30% in FY18: Govt SBI reported 981 instances of large-value fraud in FY18, up 80 per cent from 544 in FY17. (Representational image)

The number of large-value frauds at public sector banks (PSBs) fell nearly 30 per cent to 1,902 in FY18 from 2,709 in FY17, Minister of State for Finance Shiv Pratap Shukla told the Rajya Sabha on Tuesday.

The highest incidence of frauds involving Rs 1 lakh or more was observed at SBI, the country’s largest bank. SBI reported 981 instances of large-value fraud in FY18, up 80 per cent from 544 in FY17. Taken together with its associates, SBI’s count for FY17 stood at 798 and the FY18 figure marks a 23 per cent rise over SBI group’s consolidated FY17 fraud count. SBI’s associates were merged with it at the beginning of FY18.

After SBI was Gurugram-based OBC, a lender with a loan book size just over 7 per cent of SBI’s. The y-o-y rise in instances of large-value fraud at OBC was the highest among all PSBs — the count for FY18 was 226, up 303 per cent from 56 in FY17. Among banks which saw a substantial y-o-y drop in fraud cases was Bengaluru-based Vijaya Bank, where the number of large-value frauds declined 67 per cent y-o-y to 19 in FY18. —FE

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