ICICI, HDFC, SBI Banks Topped In The Fraud List 2016 – Says RBI

banks fraud list 2016
Image Courtesy - cfo-india

Ever wondered what would happen if your reputed bank is witnessed in the list a fraud?

According to the RBI data during the period of April – December 2016, almost all top banks are present in the list of banks that witnessed most number of frauds.

SBI observed for 429 fraud cases. Standard Chartered bank has 244 fraud cases.

Do you know who topped the list?

It is ICICI Bank with a total of 455 fraud cases.

HDFC Bank, the strong competitor of ICICI witnessed 237 cases followed by Axis bank of 189 and Bank of Baroda of 176 cases.

In the terms of value, SBI topped with more than 2000 crore followed by Punjab National bank and Axis bank whose value are near to 2000 crore.

How could such a well-established banks do this?

Oops, their employees! You know, 450 employees working in public and private sector banks are charged for the involvement of fraudulent activities by RBI during April to December 2016.

Of these, 64 SBI employees. 49 HDFC employees, 35 Axis bank employees.

What is wrong with them?

Is it because of the PM’s demonetization move? Comment your thoughts below.

News source – ET