SBI reports frauds of Rs 7,951 crore in 9 months of FY’19

State Bank of India (SBI) on Friday said frauds amounting to Rs 7,951.29 crore were reported during the first nine months of 2018-19.

All these accounts became NPAs much earlier and most of the portfolio is already provided for with 100 per cent provision, SBI said in a regulatory filing.

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

ln this connection, while all fraud related laid down guidelines are being followed, resolution process for recovery through Debt Recovery Tribunal and other mechanism is also under way, it added.

The nation’s largest lender said the first quarter reported 669 cases of fraudulent activities amounting to Rs 723.06 crore, the second quarter saw 660 cases involving an Rs 4,832.42 crore and the third quarter reported 556 cases amounting to Rs 2,395.81 crore.

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