SBI Reported Rs 5,555 Cr Fraud in Apr-Sep 2018

Largest bank in India, State Bank of India (SBI) has reported banking fraud of Rs 5,555.48 crore for quarter April to September 2018. These amounts were involved in 1329 cases.

 In response to a query of RTI activist Chandrashekhar Gaud, SBI said that 669 cases of fraud amounting to Rs 723.06 crore were reported in the first quarter (April-June), while 660 cases, involving an amount of Rs 4,832.42 crore, came to light in the second quarter (July-September).

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.”