New Delhi, March 12 (IANS) Private sector ICICI Bank suffered the most number of frauds during the first nine months of the current fiscal, while state-run State Bank of India took second place in this regard, Reserve Bank of India (RBI) has revealed.
Data pertaining to the April-December period of 2016 provided to the Finance Ministry by the apex bank earlier this week, showed as many as 455 fraud cases involving Rs 1 lakh and above were detected in ICICI Bank. It was closely followed by SBI, which found 429 such cases.
Among foreign banks, 244 frauds were perpetrated on Standard Chartered Bank during the period in consideration.
The other banks which reported large number of frauds to the RBI during these nine months include HDFC Bank (237), Axis Bank (189), Bank of Baroda (176) and Citibank (150).
In value terms, frauds involving Rs 2,236.81 crore were reported in SBI, followed by Punjab National Bank (Rs 2,250.34 crore) and Axis Bank (Rs 1,998.49 crore).
RBI also reported that in all, 450 employees were involved in fraud cases during this period in different public and private sector banks in 3,870 cases involving a total amount of Rs 17,750.27 crore.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.