India's bank frauds under Modi rose by 90%; in Gujarat 177%; in Tamil Nadu 229%, in West Bengal 667%: RBI

By A Representative
A Bangalore-based startup, which helps citizens file queries under the Right-to-Information (RTI) Act, OnlineRTI.com, has revealed in the year since Narendra Modi’s government took charge, there has been a whopping 90 per cent increase in bank frauds, as per Reserve Bank of India (RBI) data obtained through RTI.
“Over the year since Modi’s government took office, the amount involved in bank fraud rose from Rs 10,170 crore in the fiscal year 2013-14 to Rs 19,361 crore in 2014-15”, says a report based on the data, adding, “The fraud ranged from cheque alteration to fake loans, debit/credit card fraud to cyber fraud.”
The data further show that the banks in Maharashtra saw a 150 per cent increase in fraud, from Rs 2,445 crore in 2013-14 to Rs 6,115 crore in 2014-15, and banks in West Bengal notched a 667 per cent increase in fraud, from Rs 773 crore to Rs 5,930 crore. The two states together accounted for more than 50 per cent of the total loss through fraud.
Gujarat, which for long has been touted as India’s “model” state, witnessed a 177 per cent rise in bank fraud – from Rs 453 crore in 2013-14 to Rs 1,256 crore in 2014-15. Significantly, in the year 2012-13, Gujarat reported just about Rs 51 crore worth of bank fraud. In Tamil Nadu, it rose by 279 per cent -- from Rs 483 crore to Rs 1,831 crore. During the same period, Delhi saw a fall in bank fraud by 33 per cent and Andhra Pradesh by 26 per cent.

Bringing these and other facts to light, an online data analysis website, www.indiaspend.com, said that the rise in bank fraud is a major reason why Reserve Bank of India (RBI) was forced to set up “the fraud registry and the Prime Minister’s Office (PMO) reviewed the fraud-detection system”, says the report.
An RBI circular issued in July 2015, taking a serious view of the rise in bank fraud cases, said that when banks discover fraud, they should to report cases to the Central Bureau of Investigation, the police or to the Serious Fraud Investigation Office.
“Public-sector banks appear to have borne the brunt of the fraud-spike, with the Punjab National Bank, which lost a sum of Rs 2,310 crore, topping the list for 2014-15, followed by the Central Bank of India, where the lost amount stands at Rs 2,150 crore, the data further reveal. Both banks recorded a fraud increase of more than 200% since 2012-13”, the report, authored by analyst Gangadhar S Patil, said.
It added, “Despite a market share of 30 per cent, private banks collectively account for around 40 per cent of losses from bank fraud.” India has 20 private banks, 26 public-sector banks and 30 foreign banks.

Patil said, “In some cases, bank staff were involved: 47 such cases of fraud, valued at Rs 177 crore, were detected during 2014-15, according to data submitted to Parliament”, adding, “When staff are involved, banks have always tried to suppress fraud and categorise them as non-performing assets or NPAs (to show they were business loses).”
The report pointed out, NPAs, in fact, are a “fig leaf behind which fraud hides, soared 23% from Rs 2,51,060 crore in March 2014 to Rs 3,09,409 crore in March 2015, according to a statement in Parliament this July by Minister Of State (Finance) Jayant Sinha.”

Comments

Kumari Puja said…

Great Information.
Thank You

April 10, 2017

Gujarat Information Commission issues warning against misinterpretation of RTI orders

By A Representative The Gujarat Information Commission (GIC) has issued a press note clarifying that its orders limiting the number of Right to Information (RTI) applications for certain individuals apply only to those specific applicants. The GIC has warned that it will take disciplinary action against any public officials who misinterpret these orders to deny information to other citizens. The press note, signed by GIC Secretary Jaideep Dwivedi, states that the Right to Information Act, 2005, is a powerful tool for promoting transparency and accountability in public administration. However, the commission has observed that some applicants are misusing the act by filing an excessive number of applications, which disproportionately consumes the time and resources of Public Information Officers (PIOs), First Appellate Authorities (FAAs), and the commission itself. This misuse can cause delays for genuine applicants seeking justice. In response to this issue, and in acc...

Targeted eviction of Bengali-speaking Muslims across Assam districts alleged

By A Representative A delegation led by prominent academic and civil rights leader Sandeep Pandey visited three districts in Assam—Goalpara, Dhubri, and Lakhimpur—between 2 and 4 September 2025 to meet families affected by recent demolitions and evictions. The delegation reported widespread displacement of Bengali-speaking Muslim communities, many of whom possess valid citizenship documents including Aadhaar, voter ID, ration cards, PAN cards, and NRC certification.

'Govts must walk the talk on gender equality, right to health, human rights to deliver SDGs by 2030'

By A Representative With just 64 months left to deliver on the Sustainable Development Goals (SDGs), global health and rights advocates have called upon governments to honour their commitments on gender equality and the human right to health. Speaking ahead of the 80th United Nations General Assembly (UNGA), experts warned that rising anti-rights and anti-gender pushes are threatening hard-won progress on SDG-3 (health and wellbeing) and SDG-5 (gender equality).

A comrade in culture and controversy: Yao Wenyuan’s revolutionary legacy

By Harsh Thakor* This year marks two important anniversaries in Chinese revolutionary history—the 20th death anniversary of Yao Wenyuan, and the 50th anniversary of his seminal essay "On the Social Basis of the Lin Biao Anti-Party Clique". These milestones invite reflection on the man whose pen ignited the first sparks of the Great Proletarian Cultural Revolution and whose sharp ideological interventions left an indelible imprint on the political and cultural landscape of socialist China.

Is U.S. fast losing its financial and technological edge under Trump’s second tenure?

By Dr. Manoj Kumar Mishra* The United States, along with its Western European allies, once promoted globalization as a democratic force that would deliver shared prosperity and balanced growth. That promise has unraveled. Globalization, instead of building an even world, has produced one defined by inequality, asymmetry of power, and new vulnerabilities. For decades, Washington successfully turned this system to its advantage. Today, however, under Trump’s second administration, America is attempting to exploit the weaknesses of others without acknowledging how exposed it has become itself.

Gandhiji quoted as saying his anti-untouchability view has little space for inter-dining with "lower" castes

By A Representative A senior activist close to Narmada Bachao Andolan (NBA) leader Medha Patkar has defended top Booker prize winning novelist Arundhati Roy’s controversial utterance on Gandhiji that “his doctrine of nonviolence was based on an acceptance of the most brutal social hierarchy the world has ever known, the caste system.” Surprised at the police seeking video footage and transcript of Roy’s Mahatma Ayyankali memorial lecture at the Kerala University on July 17, Nandini K Oza in a recent blog quotes from available sources to “prove” that Gandhiji indeed believed in “removal of untouchability within the caste system.”

'MGNREGA crisis deepening': NSM demands fair wages and end to digital exclusions

By A Representative The NREGA Sangharsh Morcha (NSM), a coalition of independent unions of MGNREGA workers, has warned that the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) is facing a “severe crisis” due to persistent neglect and restrictive measures imposed by the Union Government.

On Teachers’ Day, remembering Mother Teresa as the teacher of compassion

By Fr. Cedric Prakash SJ It is Teachers’ Day once again! Significantly, the day also marks the Feast of St. Teresa of Calcutta (still lovingly called Mother Teresa). In 2012, the United Nations, as a fitting tribute to her, declared this day the International Day of Charity. A day pregnant with meaning—one that we must celebrate as meaningfully as possible.

Gujarat minority rights group seeks suspension of Botad police officials for brutal assault on minor

By A Representative A human rights group, the Minority Coordination Committee (MCC) Gujarat, has written to the Director General of Police (DGP), Gandhinagar, demanding the immediate suspension and criminal action against police personnel of Botad police station for allegedly brutally assaulting a minor boy from the Muslim community.

Counterview

Search This Blog