ICICI leads in number of fraud cases, SBI a close second: RBI

In value terms, frauds involving Rs 2,236.81 crore were reported in SBI, highest in the country

By: News Desk |
March 12, 2017 3:42 pm

ICICI bank leads the fray among banks having highest number of fraud cases, the private bank recorded a total of 455 fraud cases involving Rs one lakh and above between April 2016 to December 2016, Data received from RBI says.

Country’s largest bank State Bank of India came a close second recording 429 cases in the same period. Standard Chartered (244) and HDFC Bank (237) were third and fourth.Other banks which reported large number of frauds to the apex bank during the period include Axis Bank (189), Bank of Baroda (176) and Citibank (150).

However, in value terms, frauds involving Rs 2,236.81 crore were reported in SBI, followed by Punjab National Bank (Rs 2,250.34 crore) and Axis Bank (Rs 1,998.49 crore).

The data provided by RBI to the Finance Ministry also revealed the involvement of bank staffs in fraud cases.

In the case of SBI, 64 employees were involved in fraud cases, while it was 49 for HDFC Bank and 35 for Axis Bank.

In all, 450 employees were involved in fraud cases in different public and private sector banks during April-December 2016, in 3,870 cases involving a total value of Rs 17,750.27 crore.