New Delhi: The Reserve Bank of India (RBI) has confirmed that loan frauds have amounted to ₹55,000 crore more than in the previous five years of UPA-II. The RBI’s statement came in response to an RTI application filed by economist and activist Prasenjit Bose.
According to a report by the National Herald, there were 9,193 cases of loan frauds across all banks in the last four years (April 2014 to March 2018), involving an amount of ₹77,521 crore. Whereas, in the previous five years (April 2009 to March 2014), there were 10,652 cases involving ₹22,441 crore.
Bose expressed his concern and surprise over the data obtained, saying: “Where are the investigating agencies? How many fraudsters have been arrested and prosecuted for their crimes? The Union Finance Ministry must be held accountable for this massive loot of money from the banks and undermining the public sector banking system.”