STOCK MARKET BSE NSE

PSBs reported frauds of over Rs 95,700 crore in April-September

Nirmala Sitharaman said that comprehensive measures have been taken to curb the incidence of frauds in banks, including freezing bank accounts.

Published: 19th November 2019 08:21 PM  |   Last Updated: 19th November 2019 08:21 PM   |  A+A-

Finance minister Nirmala Sitharaman with other BJP leaders after the BJP Parliamentary party meeting at Parliament house in New Delhi on Tuesday Nov. 19 2019.

Finance minister Nirmala Sitharaman with other BJP leaders after the BJP Parliamentary party meeting at Parliament house in New Delhi on Tuesday Nov. 19 2019. (Photo | EPS/Shekhar Yadav)

By PTI

NEW DELHI: Government-owned banks reported frauds of over Rs 95,700 crore in the first six months of the current fiscal, the Parliament was informed on Tuesday.

"According to Reserve Bank of India (RBI), frauds as per year of reporting, as reported by Public Sector Banks (PSBs), during the period from April 1, 2019 to September 30, 2019 is 5,743 involving a total amount of Rs 95,760.49 crore," Finance Minister Nirmala Sitharaman said in the Rajya Sabha.

In the written reply, the minister further said that comprehensive measures have been taken to curb the incidence of frauds in banks, including freezing bank accounts of 3.38 lakh inoperative companies.

Meanwhile, in reply to another question, Minister of State for Finance Anurag Thakur said with the increase in the limit of withdrawal to Rs 50,000 for customers of Punjab and Maharashtra Cooperative (PMC) Bank, 78 per cent of depositors of the bank will be able to withdraw their entire account balance.

As on September 23, 2019 (date of imposition of RBI directions), total depositors of PMC Bank were 9,15,775.

The statutory inspection of the bank with reference to its position as on March 2019 conducted by RBI revealed large group exposure toward Housing Development and Infrastructure Limited (HDIL) Group companies to the tune of about Rs 6,226.01 crore.

Out of the total exposure of Rs 6,226.01 crore as on March 31, 2019, to the HDIL group, only Rs 439.58 crore was disclosed to RBI and remaining Rs 5,786.43 crore remained undisclosed, he said.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp