ICICI, SBI Top RBI’s List of Banks Involved in Fraud Cases

429 fraud cases were also detected in SBI, followed by Standard Chartered with 244 & HDFC Bank with 237.

Other banks on RBI’s list include Standard Chartered, HDFC, Axis Bank, etc. (Photo: Reuters)

ICICI Bank topped the list of banks that witnessed most number of frauds during April-December period of 2016, with state-owned SBI taking the second spot, RBI data said.

During the first nine months of the current fiscal, as many as 455 fraud cases involving Rs 1 lakh and above were detected in ICICI Bank, closely followed by SBI (429), Standard Chartered (244) and HDFC Bank (237).

The 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.