PSBs report 2,867 cases of frauds worth Rs 19,964 cr in April-June qtr: RBI

Public sector banks (PSBs) reported frauds worth over Rs 19,964 crore in total 2,867 cases during the April-June quarter of the ongoing fiscal year, according to a reply to an RTI query.

The country's largest lender State Bank of India (SBI) saw the highest number of fraud cases; however, Bank of India was the worst hit in terms of value, as per a reply from the Reserve Bank on frauds reported by these lenders to RTI activist Chandra Shekhar Gaur.

Of the 12 PSBs, SBI reported the maximum 2,050 fraud cases involving Rs 2,325.88 crore during April-June 2020.

Bank of India took the