public sector banks Recovery of more than Rs 4.18 lakh crore in the last three financial years from incidents related to Fraud And omission, Parliament was informed on Tuesday.

Also, the amount related to fraud of Rs 1 lakh and above has declined during this period.

Government has taken comprehensive steps to tackle defaults and effect recovery from defaulters, Minister of State for Finance Bhagwat Karadi Said in a written reply in Rajya Sabha.

Karad said the government has also taken additional measures to deter fraudsters and defaulters, such as enactment of the Fugitive Economic Offenders Act, which provides for attachment of properties of a fugitive economic offender, as well as the offender’s defense to someone. to be denied. civil claim.

Also, heads of public sector banks (public sector banks) has been empowered to take action against such persons as well as obtain attested copy of passports of promoters or directors of companies which have availed loans of more than Rs 50 crore.

Enabled by these measures, scheduled commercial banks (Scheduled Commercial Banks) have recovered Rs 4,18,435 crore in the last three financial years, Karad said in the upper house of Parliament.

“According to Reserve Bank of India data, the amount involved in fraud of Rs 1 lakh and above, as reported by SCBs and select financial institutions, as on the date of occurrence, stood at Rs 40,264 crore in the financial year 2018-19. So far from Rs 28,245 crore in 2019-20 and Rs 11,486 crore in 2020-21,” the minister said.

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