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Analysis: Banks suffer thousands of crores of fraud due to inflexibility of the system

Wednesday - October 10, 2018 11:55 am , Category : WTN SPECIAL
5,555 crore rupees fraud in last 6 months in SBI
5,555 crore rupees fraud in last 6 months in SBI

Banking fraud of Rs 5,555.48 crore in 1,329 cases in SBI

OCT 10 (WTN) - You keep your hard earned money in banks with great confidence. But is your money safe there? We are saying that because from time to time, there have been cases of fraud with banks so the banks are facing loss of thousands of crores, and in order to fulfill this loss, banks charge penalty and unnecessary fees on common people.

In the latest developments, the case of thousands of crores of fraud has surfaced in the country's largest bank SBI. According to information received from the media, during the first six months of this financial year, 1,329 cases of banking fraud totaling Rs 5,555.48 crore have been surfaced in SBI. This whole issue came to light when RTI activist Chandra Shekhar Gaur from Neemuch, Madhya Pradesh, sought information from SBI under the Right to Information Act.
 
According to the information received from the media, State Bank of India has had to suffer a financial fraud of Rs 723.06 crore in the first quarter of this financial year i.e. in the month of April, May and June, in 669 cases. In the second quarter i.e. July, August and September, during these months there were 660 cases, and banking fraud of Rs 4832.42 crore has happened. In this case, when SBI was asked, how much financial loss was done to the bank itself by this banking fraud, the bank's reply was that the amount of this loss amount can’t be decided.

That is when the RTI activist wanted to know from SBI that how many customers have been victimized by banking fraud and for this reason how money they have lost, SBI says, "Since such information is not collected normally on a regular basis. Therefore, under the relevant provisions of Right to Information Act 2005, it is exempted from its disclosure."

For your information, let you know that in the last five years, about 23,000 bank fraud cases of more than Rs one lakh crore rupees have been reported in different banks of the country. According to the Reserve Bank of India, from April 2017 to March 1, 2018 5,152 cases of bank fraud were revealed. That was more than 5,000 in 2016-17.According to the central bank, during April 1, 2017 to March 1, 2018, cases of bank fraud were reported at the highest of Rs 28,459 crore. At the same time, in 2013-17, 5,076 cases involving fraud of Rs 23,933 crore were revealed with banks.

Let us know that between 2013 and March 1, 2018, a total of 23,866 cases of bank fraud for one lakh rupees or more were detected. In all these cases the total amount of Rs 1,00,718 crore has been trapped. According to the Reserve Bank, in the year 2015-16, 4,693 cases of Rs 18,698 crore of frauds with banks were reported, in 2014-15, 4,639 cases of Rs 19,455 crore were seized in the year 2014-15.

As you know, many banking scandals including Vijay Mallya, Nirav Modi and Mehul Choksi, have left the country with debts, have been exposed so far. Due to this, the Modi government of the center is on the target of Congress. The Congress says that the Modi government is involved in this scam, while the BJP says that all these loans have been given at the time of Congress rule.

It is important to know which government is responsible for it, but it is more important that the public should not have to lose their hard earned money. Learning lessons from these cases like Vijay Mallya and Neerav Modi, the Central Government should create such a tough law, which could impede fraud from the banks and if anybody cheated with the banks, then there should be severely punished so that nobody can afford fraud with banks.
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