21 state-owned banks lost Rs. 25,775 crore to fraud in 2017-18. The Reserve Bank of India informed about it in a reply to a Right to Information (RTI) query. Punjab National Bank (PNB) was the worst sufferer accounting for a quarter of the losses, after it was defrauded by diamond czar Nirav Modi and his uncle Mehuk Choksi of more than Rs. 13,000 crore.
What is to be noted is that the list only includes those cases of fraud which involve more than Rs. 1 lakh. Had the list included those cases which involved fraud worth less than Rs. 1 lakh, the amount of loss would have further increased.
The RBI said that a total of 5,152 cases of fraud, involving Rs 28,459 crore were reported between April 1, 2017 and March 1, 2018.
Punjab National Bank (PNB) topped the list by incurring losses of Rs. 6,461.1 crore, followed by State Bank of India (SBI) facing losses worth Rs. 2,390.7 crore. While Bank of India lost Rs. 2,224.9 crore, Bank of Baroda recorded losses around Rs. 1,928.2 crore and Allahabad Bank Rs. 1,520.4 crore.
Other banks such as Andhra Bank, UCO Bank, IDBI Bank, Union Bank of India, Central Bank of India, Bank of Maharashtra and Indian Overseas Bank recorded losses of over Rs. 1,000 crore.
Since the PNB fraud took place, many RTIs have been filed seeking details of bank frauds and the amount of losses banks had to bear with regard to the same. In May itself, the RBI, while responding to another query related to the same, informed that more than 23,000 cases of fraud, involving about Rs 1 lakh crore, were reported by banks over the last five years.