Scams in Indian banks @ 1.6 crores per hour

Scams and Indian banks, these two have become synonyms these days. Especially, the public sector banks are not at all caring the public money. These banks are squandering the public’s money to cheaters and scammers. When we take the last three financial years into consideration, banks lost nearly Rs. 1.6 crores per hour due to cheating-forgery issues. These statistics are declared by Reserve Bank Of India (RBI). According to the figures released by RBI, banks are at loss due to cheating -forgery cases, as more than 60 percent cases are related to them.

The companies are showing duplicate certificates and boasting themselves with the false representations to get the loans from the banks. As per the Indian banks report, the total loss incurred during the financial years 2014-15, 2015-2016, 2016-17 amounts to Rs.42266 crores out of which Rs.37583 crores were in public sector banks and Rs.4683 crores were in private sector banks. Rs.5743 crores losses were posted by SBI which is greater than all the private sector banks. There is a much  difference between the losses. This implies the functioning and responsibility of the public sector banks in our country.If we add PNB scam numbers to this, the ratio may reach sky-high.

If we take all the losses of Indian banks, it amounts to Rs.70,000 crores.which includes the scams more than Rs.1 lakh rupess. Less than 1 lakh transactions may add some bricks to the scam wall. There is a clear possibility of the involvement of the bank employees in these scams. They are exploiting the loop holes in the banking industry. RBI governor expressed his displeasure on PNB scam. In one of the conferences, he said that such incidents may put the financial integrity of the nation at risk.

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