Mumbai: The Major Big Indian Banks have suffered 70,000 CR in all together due to the scams and frauds happened in recent three fiscal years.
The extent of loss in fraud cases reported by scheduled commercial banks (SCBs) for 2015-16, 2016-17, and 2017-18 was Rs. 16,409cr, Rs. 16,652cr and Rs. 36,694cr, respectively, Minister of State for Finance, Shiv Pratap Shukla, said quoting RBI data in the Rajya Sabha.
Shukla further added that the frauds are registered in commercial years and not when it exactly when it occurred or sanction of loans,letter of undertaking, which may be of an earlier period.
The minister also said that gross advances by SCBs increased from Rs. 25.03 lakh crore as on March 31, 2008, to Rs. 68.75 lakh crore on March 31, 2014.
Admiring the stressed assets in the banking system, Shukla said the spike was due to aggressive lending practices, wilful default, loan frauds, corruption in some cases and economic slowdown.
He also said there were 139 borrowers with aggregate gross NPAs of over Rs. 1,000cr
