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UltraTech Cem. 7653.80↓-0.45(-0.01%)
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Wipro 399.70↑2.05(0.52%)

Banks in India report loan fraud worth Rs 5 trn, SBI's amount largest

Data showed 90 banks and financial institutions reported a total of 45,613 cases of loan fraud till March 31, 2021

Manojit Saha Mumbai

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Banks operating in India reported fraud of Rs 4.92 trillion as on March 31, 2021, which represents nearly 4.5% of the total bank credit, showed Reserve Bank of India (RBI) data, which was sought under the Right to Information (RTI) Act by Saurabh Pandhare.

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 on 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).