This Bank Beats SBI, ICICI, HDFC In Frauds Above Rs 1 Lakh: Check Full List Of Banks With Frauds
The number of bank frauds in the country has drastically reduced from Rs 61,229 crore in 2016-17 to Rs 648 crore in the first nine months of FY22, i.e., Apr-Dec 2021.
The Parliament, on Monday was informed that this significant drop in bank frauds is a result of structural and procedural reforms set by the banking regulator Reserve Bank of India and the Government.
Private lender Kotak Mahindra Bank has recorded the highest number of bank frauds in the Apr-Dec 2021 period, of over Rs 1 lakh crore, followed by private banks ICICI Bank and IndusInd Bank.
Bank Frauds Highest in Kotak Mahindra
In the first nine months of the ongoing financial year, starting from April 2021, Kotak Mahindra Bank has recorded the highest number of bank frauds in the country, standing at 642 fraud cases, amounting to a total of over Rs 1 lakh crore.
This figure is followed by 518 bank fraud cases witnessed in ICICI Bank and 377 cases in IndusInd Bank.
The Minister of State for Finance Bhagwat Karad, while presenting the data of such frauds in the Parliament on Monday, informed that the number of bank frauds in Kotak Mahindra is on a successive high, since the past 5 financial years, besides the ongoing one.
In FY17, there were 135 fraud cases, rising to 289 in FY18, to 383 in FY19, to 652 in FY20 and 826 cases in FY21.
Bank Fraud Numbers Reducing in SBI
Karad also informed the Parliament that unlike Kotak Mahindra Bank, the state-owned bank and in fact, the largest bank in India, SBI has been reporting a fall in the number of fraud cases over the past 3 years.
In FY17, a total of 751 fraud cases were reported, rising to 923 in FY18, falling to 673 in FY20 and 283 in FY21.
Improved detection and reporting along with comprehensive steps resulted in sharp decline of such frauds, stated the minister, as reported by PTI.
RBI had issued master directions on frauds in 2016, while the government has instituted wide-ranging structural and procedural reforms to check frauds in banks, added Karad.