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RBI’s bank fraud list features ICICI, SBI at the top

In a recent report prepared by the Reserve Bank of India (RBI) and submitted to the Finance Ministry, it has been stated that the most frauds have occurred in ICICI Bank. As per the report, the second spot has been taken by the State Bank of India (SBI) for the second highest number of frauds. The data provided by RBI was for the current fiscal. In ICICI Bank, a total number of 455 frauds were detected, each of which involved more than Rs 1 lakh. The total number of bank frauds at SBI Bank was 429. This was followed by Standard Chartered with 244 cases and HDFC Bank at 237 cases. There were others as well such as Axis Bank with 189 fraud cases, Bank of Baroda at 176, and Citibank at 150 cases.

In value terms, the frauds in SBI were at Rs 2,236.81 crore, Punjab National Bank at Rs 2,250.34 crore, and Axis Bank at Rs 1,998.49 crore. One worrying aspect of the data provided by RBI was that many of these frauds witnessed the involvement of bank staff. The involvement of bank staff was highest in case of SBI with 64 employees, HDFC Bank with 49 employees, and Axis Bank with 35 employees. Overall, a total number of 450 bank staff members were found to be involved in various frauds that occurred in public and private sector banks during the period April to December 2016. These employees were involved in 3,870 cases of bank fraud with a total value of Rs 17,750.27 crore.

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