Frauds in Corporation Bank

Hi I am interested in having the information about the Concerns over Corp Bank's internal financial controls and also the rising losses due to loan defaulters?

Mangaluru-based Corporation Bank has detailed 199 extortion cases totalling Rs 1,318 crores in FY16. This spoke to an expansion in the size over the earlier year and the number added up to over twofold the net misfortune announced by the loan specialist this year.

Institutional Investor Advisory Services (IiAS) has communicated worries over inside money related controls at the bank. It likewise noticed that the examiners did not report anything unfriendly regardless of the huge number.

The bank had slipped into red in FY16, announcing a net loss of Rs 506 crore contrasted with a net benefit of Rs 584 crore in the earlier year. As indicated by the yearly report, amid the year, 199 instances of cheats including Rs 1,318 crore were accounted for to the national bank, with an extraordinary adjust of Rs 1,093 crore as on March 31. Amid the year, the bank made an arrangement of Rs 801 crore and adjust Rs 292 crore was charged to 'other stores depends on orders of the national bank in such manner.

Executive and overseeing chief, did not react to an email looking for remarks on the rising number of cheats in the bank.

The bank had enlisted a case with Delhi police, where it had revealed that few organizations, with imaginary locations, had taken advances adding up to a few crores of rupees and were currently untraceable.

The Mangaluru-based bank is not the only one. The aggregate sum apparently stuck in misrepresentation related awful advance cases bounced from Rs 5,591 crore in 2013-14 to Rs 12,935 crore in 2015-16, as indicated by information given by fund service to the Lok Sabha amid the Budget session.

The quantity of instances of credits given on the premise of manufactured archives or swindling expanded consistently from 1,520 in 2013-14 to 1,651 in the following year and 1,704 in 2015-16.

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