ICICI Bank Rank #1 In Employee Frauds; SBI Offers Free ATM Withdrawals For These A/C Holders
16% of all bank employees caught cheating belonged to ICICI Bank.
As per Govt. of India records, 16% of all bank employees caught cheating happened to be in ICICI Bank. This makes ICICI Bank employees as #1 in the list of bank employees caught in fraud.
Being largest private bank of India, this is indeed a serious lapse.
Meanwhile SBI has allowed free ATM withdrawals, but only for some account holders.
ICICI Bank Employees Indulge In Most Of Number Of Frauds
While giving a written reply in Rajya Sabha, Minister of State for Finance Shiv Pratap Shukla informed the nation that 2236 ICICI Bank employees were found to cheating or conducting a fraud in the last three years.
Overall, 13,949 bank employees belonging to 60 PSU banks and private banks were caught or reported for frauds.
Out of these 2236 employees, ICICI Bank has initiated investigations against 600 to under 900 employees, as per Govt.
Another interesting development: The number of cases against such fraud employees has declined, since 2015.
An action was taken against 5,785 bank employees for frauds in 2015, which declined 20% in 2016 to 4,360, and further dropped to 13% or 3,804 bank employees in 2017.
This is not a good trend, because this means that more and more bank employees are getting scot-free, after conducting a fraud.
Considering that ICICI Bank former Managing Director and CEO Chanda Kochhar has been alleged to have involved in a ‘conflict of interest’ case’, we are awaiting ICICI Bank’s response to curb this menace.
SBI Allows Free ATM Withdrawals
Normally, SBI limits free ATM withdrawals for all normal saving/current account holders.
In case of a normal saving account, only 8 ATM withdrawals are allowed in a month: 5 at SBI ATMs and 3 at ATMs of other banks in metro cities and 10 free transactions in non-metro cities: 5 at SBI and 5 at other banks.
Rs 5 to Rs 20 (plus GST) is charged per ATM withdrawal henceforth.
However, SBI gives unlimited free ATM withdrawals for those customers who maintain an average balance of Rs 1 lakh in their saving accounts – At SBI ATMs and non-SBI ATMs, both at metro and non-metro locations.
Besides, those who maintain Rs 25,000 as minimum balance get 10 free ATM withdrawals, both from SBI and non-SBI ATMs. Employees of SBI can always withdraw for free, anyways.
We will keep you updated, as more details come in.