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PSBs reported 8,670 loan fraud cases over last five fiscal years: RBI data

In India, loan frauds typically refer to cases where the borrower intentionally tries to deceive the lending bank and does not repay the loan

Reuters 

Investors may have been shocked when one of India's biggest banks disclosed a $1.77 billion fraud by a billionaire jeweller, but the central bank has recorded data that shows the problem runs far deeper and wider. Reserve Bank of India (RBI) data, which a Reuters reporter obtained through a right-to-information request, shows state-run banks have reported 8,670 "loan fraud" cases totalling Rs 612.6 billion ($9.58 billion) over the last five financial years up to March 31, 2017. In India, loan frauds typically refer to cases where the borrower intentionally tries to ...

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First Published: Sat, February 17 2018. 02:23 IST
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