India’s largest lender State Bank of India (SBI) reported that as many as 1,329 cases of fraud, involving an amount of Rs 5,555.48 crore, came to light in first six months of the current fiscal year, revealed an RTI query.
In response to an RTI filed by Chandrashekhar Gaud, SBI revealed that 669 cases of fraud amounting to Rs 723.06 crore were reported in the first quarter (April-June). In the second quarter (July-September) 660 cases involving an amount of Rs 4,832.42 crore came to light.
The data reported in the RTI reveals that the number of fraud cases in the second quarter reduced by just nine points, while the amount involved inflated by about 568.33 per cent over the first quarter.
In reply to a query about the money lost by bank’s clients due to banking frauds in the given period, SBI said, “The information relating to the incidents of frauds with SBI customers and the amount lost by the SBI customers is not compiled in the ordinary course of business and hence, exempted from disclosure under Section 7 (9) of the RTI Act, 2005.”