India loses more than 17000 crores to bank frauds

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Indian banks have lost more than 17000 crores to frauds in more than 26000 instances of frauds reported in the year 2012-13. Report published in Economic Times stated that the total bank frauds in the Indian Banking sector have quadruplicated in one year’s time.

According to the data, Punjab National Bank was the worst hit, with cases of fraud involving Rs 1,375 crore while Canara Bank lost Rs 1,166 crore. Other public sector banks that lost more than Rs 1,000 crore include State Bank of India, Bank of India and Oriental Bank of Commerce.