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

The silencing of conscience: Ideological attacks on India’s judiciary and free thought

By Sunil Kumar* “Volunteers will pick up sticks to remove every obstacle that comes in the way of Sanatan and saints’ work.” — RSS Chief Mohan Bhagwat (November 6, 2024, Chitrakoot) Eleven months later, on October 6, 2025, a man who threw a shoe inside the Supreme Court shouted, “India will not tolerate insults to Sanatan.” This incident was not an isolated act but a continuation of a pattern seen over the past decade—attacks on intellectuals, writers, activists, and journalists, sometimes in the name of institutions, sometimes by individual actors or organizations.

N-power plant at Mithi Virdi: CRZ nod is arbitrary, without jurisdiction

By Krishnakant* A case-appeal has been filed against the order of the Ministry of Environment, Forest and Climate Change (MoEF&CC) and others granting CRZ clearance for establishment of intake and outfall facility for proposed 6000 MWe Nuclear Power Plant at Mithi Virdi, District Bhavnagar, Gujarat by Nuclear Power Corporation of India Limited (NPCIL) vide order in F 11-23 /2014-IA- III dated March 3, 2015. The case-appeal in the National Green Tribunal at Western Bench at Pune is filed by Shaktisinh Gohil, Sarpanch of Jasapara; Hajabhai Dihora of Mithi Virdi; Jagrutiben Gohil of Jasapara; Krishnakant and Rohit Prajapati activist of the Paryavaran Suraksha Samiti. The National Green Tribunal (NGT) has issued a notice to the MoEF&CC, Gujarat Pollution Control Board, Gujarat Coastal Zone Management Authority, Atomic Energy Regulatory Board and Nuclear Power Corporation of India Limited (NPCIL) and case is kept for hearing on August 20, 2015. Appeal No. 23 of 2015 (WZ) is filed, a...

History, culture and literature of Fatehpur, UP, from where Maulana Hasrat Mohani hailed

By Vidya Bhushan Rawat* Maulana Hasrat Mohani was a member of the Constituent Assembly and an extremely important leader of our freedom movement. Born in Unnao district of Uttar Pradesh, Hasrat Mohani's relationship with nearby district of Fatehpur is interesting and not explored much by biographers and historians. Dr Mohammad Ismail Azad Fatehpuri has written a book on Maulana Hasrat Mohani and Fatehpur. The book is in Urdu. He has just come out with another important book, 'Hindi kee Pratham Rachna: Chandayan' authored by Mulla Daud Dalmai.' During my recent visit to Fatehpur town, I had an opportunity to meet Dr Mohammad Ismail Azad Fatehpuri and recorded a conversation with him on issues of history, culture and literature of Fatehpur. Sharing this conversation here with you. Kindly click this link. --- *Human rights defender. Facebook https://www.facebook.com/vbrawat , X @freetohumanity, Skype @vbrawat

Celebrating 125 yr old legacy of healthcare work of missionaries

Vilas Shende, director, Mure Memorial Hospital By Moin Qazi* Central India has been one of the most fertile belts for several unique experiments undertaken by missionaries in the field of education and healthcare. The result is a network of several well-known schools, colleges and hospitals that have woven themselves into the social landscape of the region. They have also become a byword for quality and affordable services delivered to all sections of the society. These institutions are characterised by committed and compassionate staff driven by the selfless pursuit of improving the well-being of society. This is the reason why the region has nursed and nurtured so many eminent people who occupy high positions in varied fields across the country as well as beyond. One of the fruits of this legacy is a more than century old iconic hospital that nestles in the heart of Nagpur city. Named as Mure Memorial Hospital after a British warrior who lost his life in a war while defending his cou...

Citizens’ group to recall Justice Chagla’s alarm as India faces ‘undeclared' Emergency

By A Representative In a move likely to raise eyebrows among the powers-that-be, a voluntary organisation founded during the “dark days” of the Indira Gandhi -imposed Emergency has announced that it will hold a public conference in Ahmedabad to highlight what its office-bearers call today’s “undeclared Emergency.”

New RTI draft rules inspired by citizen-unfriendly, overtly bureaucratic approach

By Venkatesh Nayak* The Department of Personnel and Training , Government of India has invited comments on a new set of Draft Rules (available in English only) to implement The Right to Information Act, 2005 . The RTI Rules were last amended in 2012 after a long period of consultation with various stakeholders. The Government’s move to put the draft RTI Rules out for people’s comments and suggestions for change is a welcome continuation of the tradition of public consultation. Positive aspects of the Draft RTI Rules While 60-65% of the Draft RTI Rules repeat the content of the 2012 RTI Rules, some new aspects deserve appreciation as they clarify the manner of implementation of key provisions of the RTI Act. These are: Provisions for dealing with non-compliance of the orders and directives of the Central Information Commission (CIC) by public authorities- this was missing in the 2012 RTI Rules. Non-compliance is increasingly becoming a major problem- two of my non-compliance cases are...

Epic war against caste system is constitutional responsibility of elected government

Edited by well-known Gujarat Dalit rights leader Martin Macwan, the book, “Bhed-Bharat: An Account of Injustice and Atrocities on Dalits and Adivasis (2014-18)” (available in English and Gujarati*) is a selection of news articles on Dalits and Adivasis (2014-2018) published by Dalit Shakti Prakashan, Ahmedabad. Preface to the book, in which Macwan seeks to answer key questions on why the book is needed today: *** The thought of compiling a book on atrocities on Dalits and thus present an overall Indian picture had occurred to me a long time ago. Absence of such a comprehensive picture is a major reason for a weak social and political consciousness among Dalits as well as non-Dalits. But gradually the idea took a different form. I found that lay readers don’t understand numbers and don’t like to read well-researched articles. The best way to reach out to them was storytelling. As I started writing in Gujarati and sharing the idea of the book with my friends, it occurred to me that while...

Urgent need to study cause of large number of natural deaths in Gulf countries

By Venkatesh Nayak* According to data tabled in Parliament in April 2018, there are 87.76 lakh (8.77 million) Indians in six Gulf countries, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). While replying to an Unstarred Question (#6091) raised in the Lok Sabha, the Union Minister of State for External Affairs said, during the first half of this financial year alone (between April-September 2018), blue-collared Indian workers in these countries had remitted USD 33.47 Billion back home. Not much is known about the human cost of such earnings which swell up the country’s forex reserves quietly. My recent RTI intervention and research of proceedings in Parliament has revealed that between 2012 and mid-2018 more than 24,570 Indian Workers died in these Gulf countries. This works out to an average of more than 10 deaths per day. For every US$ 1 Billion they remitted to India during the same period there were at least 117 deaths of Indian Workers in Gulf ...

'Violation of Apex Court order': Delhi authorities blamed for dog-bite incidents at JLN Stadium

By A Representative People for Animals (PFA), led by Ms. Ambika Shukla, has held the Municipal Corporation of Delhi (MCD) responsible for the recent dog-bite incidents at Jawaharlal Nehru Stadium, accusing it of violating Supreme Court directions regarding community dogs. The organisation’s on-ground fact-finding mission met stadium authorities and the two affected coaches to verify details surrounding the incidents, both of which occurred on October 3.

Counterview

Search This Blog