Hello “naturally curious” people! We hope that all of you are safe and doing very well!
Thank you so much for your great response to our first knowledge series “Is India the new China?”. Your response has motivated us to bring to you the next knowledge series which will give you a glance at “Recent frauds in Indian Banking Sector”.
Indian banking system detected Rs 71,500 crore worth of fraud in the financial year 2018-19 which to put in scale is slightly more than the Rs 71,000 crore recapitalization package planned by the government to revive the health of its public-sector banks. Interestingly, over 90 percent of these losses were to the government-owned banks while the share of incidents that emanated from these lenders was at 55.4 percent.
Here, we are bringing to you a summarized version of the banking frauds that took our economy by storm in the past couple of years. Although the perpetrators of these frauds were always in news, many of us are not aware of how the frauds were committed. So, we decided to go through all the news articles available on public platforms and summarized it all for you!
(image source: economic times)
Part one of the series would cover how a fraud of Rs 4,500 crores was reported by Punjab & Maharashtra Cooperative Bank (PMC Bank) & the interesting revelations from the investigation of this case.
Stay tuned for upcoming posts in this series!!
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