Bank loan frauds almost doubled in 2012-13 adding up to Rs 6,212 crore against Rs 3,183 crore in the previous year. Public sector banks accounted for a chunk of these frauds. In terms of numbers, 349 cases of fraud of over Rs 1 crore were reported in 2012-13 up 28 per cent over the previous year’s 273 cases.
A fraud is an act or omission intended to cause wrongful gain to one person (in this case, the borrower) and wrongful loss to the other (the bank), either by way of concealment of facts or otherwise. Read more
No comments:
Post a Comment