Biggest Bank Scams in India
A recent study published at the IIM Bengaluru in 2016 says that in the last 3 years, Public Sector Banks (PSBs) in India have lost a total of Rs. 22,743 crores, on account of various banking frauds. As on 31 March 2018, Indian bank’s; Gross Non-Performing Assets (NPAs), or bad loans, stood at Rs. 10.25 lakh crore. On the quarter, the NPA has grown by Rs. 1.39 lakh crore or 16% UP from Rs. 8.86 lakh crore as on 31 December 2017. Biggest Scams are Nirav Modi Scam (Rs 11,400 crore), Vijay Mallya (Rs 9,432 crore from 13 banks), Allahabad Bank Scam (Rs. 2363 crore), Rotomac Pen Scam (Rs. 3,695 crores with seven banks).