Frauds ripped public sector banks of Rs. 23000 crore

Public sector banks have cumulatively lost a massive sum of Rs. 22,743 crore due to cheating and forgery in the last three years alone, HT has found through a right to information RTI) reply. Indian Overseas Bank is the worst hit with a loss of Rs. 3,200 cores as against State Bank of India (SBI) which lost Rs. 2,712 crore.  Between April 2010 and September 2013, the number of bank fraud cases has shown a slight decrease yearly but the amount of money lost has been increasing year on year.

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