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Bank frauds - RBI data reveals that ICICI Bank tops the list followed by SBI
A report published by the Reserve Bank of India (RBI) has said that ICICI Bank tops the list of banks that witnessed the maximum number of frauds between April - December 2016.

Second on the list is the State bank of India (SBI).

According to the data released by the RBI during the first nine months of the fiscal year, ICICI Bank witnessed 455 fraud cases involving amounts of Rs 1 lakh and above. SBI had 429 such cases, Standard Chartered 244 while HDFC Bank had 237 such cases of fraud.

Other banks which reported large number of frauds to the RBI during this period include Axis Bank with 189 such cases, Bank of Baroda reporting 176 and Citibank having 150 cases.

In terms of monetary value, SBI reported frauds worth Rs 2,236.81 crore, Punjab National Bank worth Rs 2,250.34 crore while Axis Bank reporting 1,998.49 crore rupees in frauds.

The data provided by RBI to the Finance Ministry shows involvement of the bank staff in fraud cases. 64 SBI employees, 49 HDFC Bank employees and 35 employees of Axis Bank were involved in fraud cases with the total number of such employees being 450.

In total, 3,870 cases of fraud have been reported during the period of April – December 2016 involving a total value of Rs 17,750.27 crore.

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