ICICI Bank, SBI, StanChart top bank frauds list

ICICI Bank topped the list of banks hit by the number of fraudulent transactions during the current fiscal (up to December), state-owned State Bank of India (SBI) took the second spot, RBI data showed.

In value terms, however, SBI topped with frauds involving Rs2,236.81 crore reported during the nine-month period, followed by Punjab National Bank (Rs2,250.34 crore) and Axis Bank (Rs1,998.49 crore).

Of the fraud cases involving Rs1 lakh and above detected during the first nine months of the current fiscal, as many as 455 fraud cases were due to ICICI Bank, while SBI registered 429 cases, followed by Standard Chartered with 244 cases and HDFC Bank with 237 fraud cases.

The other banks which reported large number of frauds during the period include Axis Bank (189), Bank of Baroda (176) and Citibank (150).

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 Rs17,750.27 crore.