The recent PNB fraud - predicted to cost banks over 20,000 crores - has revived tensions in the Indian banking sector. At a time when the government is determined on recapitalising public sector banks, it has again been held back by a string of loan frauds and rising wilful defaulters. Data suggests that there are roughly 9,339 wilful defaulters, who have the capacity to repay their debts but have refused to do so in the past. In total, the liabilities of these defaulters stand at Rs 1,11,738 crore, as per reports. All data on this front is available on the Credit Information Bureau of India or CIBIL and it indicates that in less than five years, the debt of wilful defaulters has risen 340 percent from Rs 25,410 crore in 2013 to Rs 1,11,738 crore in 2018. It may be noted that PNB, despite bagging three vigilance awards from the CVC, has been struck multiple times by cases of loan fraud. Apart from the Rs 11,400 crore fraud, PNB has wilful defaults to the tune of Rs 12,574 crore, involving more than 1,000 borrowers as of December 2017, reveals latest data available on CIBIL. Winsome Diamond, Nafed, and Apple Industries have been listed as major defaulters by PNB. However, it is the State Bank of India that has the highest amount of wilful defaults amounting to Rs 27,716 crore, involving 1,665 borrowers. With a debt of Rs 1,286 crore, Kingfisher Airlines tops SBI's list of wilful defaulters. The web of deceit of the Jewel Thieves meanwhile has been exposed by NewsX today where dummy directors living in dingy chawls of Mumbai were appointed by Nirav Modi to be fronts for fraudulent transactions. But the big question is, who is responsible for the PNB fraud? And most importantly do we have a banking sector that our economy can bank upon?