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Bank Frauds: Rise in scams hit capital position of banks In 2019-20, the Indian banking sector saw a 159% jump in dubious transactions to Rs 1.86 lakh crore, the Reserve Bank of India’s data showed. For the first six month of 2019-20, SBI – the largest lender of the country with about 25% market share in loans – reported 2939 incidents of fraud valued at Rs 25,417 crore. A spate of frauds has hit the banking sector in recent times which could significantly deplete the capital position of the lenders as they are mandated to set aside capital as provision for the entire fraud amount. In the last month, two cases of fraud have come up. Firstly, that of IVRCL, where the company’s MD E Sudhir Reddy and Joint MD R Balarami Reddy was booked by the Central Bureau of Investigation for the alleged fraud of Rs 4,800 crore against a consortium of banks. Another was State-owned Punjab & Sind Bank which declared the account of Sintex Industries which has an exposure of Rs

Uttar pradeshR balarami reddyE sudhir reddyKarnataka bankSintex industriesPunjab national bankPunjab sind bankAllahabad bank rsShakti bhog foods ltdPratibha groupPunjab national bank rsIndian bankIl fs financial servicesCentral bureau of investigationSudhir reddyBalarami reddy