Categories: Business

Co-operative banks have fewer frauds than public sector banks says sharad pawar

Photo: FILE PHOTO

sharad pawar

new Delhi. NCP chief Sharad Pawar today wrote to the Prime Minister and advocated for co-operative banks. In fact, in the August 15 speech, the Prime Minister had mentioned the co-operative banks, in which it was said that these banks should be monitored by the Reserve Bank. Reacting to the government's move, Sharad Pawar said that it is good to take such steps in the interest of the people, but no such step should be taken which would affect the basic nature of the co-operative banks. The NCP chief said on the issue of financial discipline of the co-operative banks by the Prime Minister that the co-operative banks have less scams than the government banks.

To put forth his point, he also presented figures. He wrote that according to the data released by the Reserve Bank, there were a total of 6827 fraud cases in the financial year ended 31 March 2020, which amounted to fraud of Rs 71,661 crore. Of this, the amount of fraud in the co-operative banks was only 0.17 per cent i.e. Rs 127.7 crore. At the same time, the share of public sector banks was 90.2 percent i.e. around Rs 64509 crore. The share of private banks was 7.7 percent and that of foreign banks was 0.64 percent. At the same time, in the year 2019-20, a fraud of Rs 4355 crores was revealed in the PMC bank scam, although frauds of more than Rs 95 thousand crores were exposed in nationalized banks in the first 6 months of this year. Shahd Pawar said that it is wrong to say from these figures that money manipulation and financial irregularities occur only in cooperative banks.

This post was published on August 19, 2020 1:51 am

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