SBI Reports Fraud Worth Rs 7,951 Crore For Apr-Dec 2018

On Friday, the State Bank of India (SBI) said that for the first nine months of the financial year 2018-19, that is between April and December 2018, frauds worth Rs 7,951.29 crore were reported.

In a regulatory filing, the country's largest public sector lender said that all these accounts became NPAs much earlier and most of the portfolio is already provided for with 100 percent provision.

"Moreover, we provide additional provision on new frauds in each quarter to cover the gap, if any," it said.

SBI has been following all fraud related guidelines laid down in this regard and a resolution process for recovery through Debt Recovery Tribunal and other mechanism is also underway, it said.

Between April and June 2018, the lender reported 669 cases of fraudulent activities amounting to Rs 723.06 crore, the second quarter (July to September) saw 660 cases involving Rs 4,832.42 crore and the third quarter (October to December) reported 556 cases amounting to Rs 2,395.81 crore.