SBI, ICICI, Standard chartered tops the fraud list of RBI
SBI, ICICI, Standard chartered tops the fraud list of RBI

The Topmost private bank of India ICICI tops the merit list of RBI's frauds list, SBI being the second defaulter in the list of banks that hosted the most number of frauds during April-December period of 2016, said RBI.

In the first nine months of the current fiscal, 455 fraud cases involving Rs. 1 lakh or more came to light in the following banks, ICICI bank (455), SBI(429), Standard Chartered (244) and HDFC Bank (237).

The Apex Bank was also reported about other banks who were detected with frauds during the same period which include top private players like Axis Bank (189), Bank of Baroda (176) and Citibank (150). Talking in terms of valuations, frauds involving Rs. 2,236.81 crore were alone with the state-owned SBI, runner-up Punjab National Bank (Rs 2,250.34 crore) and Axis Bank (Rs. 1,998.49).

RBI data throws light on the involvement of the bank staff and its employees in the fraud cases. SBI got 64 employees involved in fraud cases, while HDFC Bank got 49 and 35 employees found in Axis Bank.

Total of 45 staff employees was found to be involved in fraud cases in different public and private banks during the specified period of April-December 2016, total cases to be numbered is 3,870 cases amounting to an estimated value of Rs. 17,750.227 crore.

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