Banks' Claims To Stop Fraud Openly, Losses Nearly Four Times In Five Years

New Delhi, Jagran Bureau. No matter how safe the banking system of the public sector banks are, they have failed to prevent banking fraud. Not only is online fraud increasing, but frauds in disbursing loans or depositing cash are also not taking the name of freezing. A total of 71,543 crore fraud cases have been reported in the banking sector of the country in the financial year 2018-19. This amount is almost four times the fraud of Rs 19,455 crore in banks in FY 2014-15. Of this, 90.2 per cent is owned by public sector banks. 

Banking sector regulator Reserve Bank of India (RBI) itself believes that large scale fraud cases are not stopping in banks and most such frauds are happening in public sector banks. It is clear from RBI’s recent report on banking trends and progress that major action is needed at the level of public sector banks to prevent fraud.

RBI has said that the biggest loss is happening in the loan portfolio. In this, the number of incidents and the amount involved is constantly increasing. Famous companies are also involved in defrauding banks through fraud. The central bank has said that the companies which have used the loan amount for any other purpose have suffered the most from banks. 

For example, many companies have taken loans in the name of the main company and then put it in their other fake companies. For this, they have not even taken a no-objection certificate from the lending banks. Out of the loss of Rs 71,543 crore due to fraud to the entire banking sector in the year 2018-19, Rs 64,548 crore is due to debt related matters. According to the central bank, out of 6,801 incidents of banking fraud during the last financial year, 55.4 per cent of the public sector banks accounted for these banks while 90.2 per cent of the losses were from these banks. Public sector banks account for 91.6 per cent of the major scams (more than Rs 50 crore).

However, the RBI report states that despite all the claims at the level of banks, the perpetrators of their security system continue to succeed. Had the system of banks been corrected, the amount of loss from frauds in the year 2014-15 was Rs 19,455 crore, it would not have increased to Rs 71,543 crore after five years i.e. in 2018-19. Meanwhile, the amount of fraud in loan cases increased from Rs 17,122 crore to Rs 64,548 crore.