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Monday, June 5, 2023

Kotak Beats SBI, ICICI, HDFC In Frauds Above Rs 1 Lakh

Over the course of FY22, i.e., Apr-Dec 2021, bank frauds have drastically decreased from Rs 61,229 crore in 2016-17 to Rs 648 crore.

The Government and Reserve Bank of India told the Parliament on Monday that this significant decline in bank frauds is the result of structural and procedural reforms.

Kotak Mahindra Bank recorded the highest number of bank frauds during the Apr-Dec 2021 period, amounting to over Rs 1 lakh crore, followed by ICICI Bank and IndusInd Bank.

Bank Frauds Highest in Kotak Mahindra

During the first nine months of the current financial year, beginning April 2021, Kotak Mahindra Bank registered the highest number of bank frauds in the country, totaling 642 fraud cases, causing a loss of over Rs 1 lakh crore.

ICICI Bank reported 518 cases of bank fraud, followed by IndusInd Bank with 377 cases.

As the Minister of State for Finance, Bhagwat Karad, informed the Parliament on Monday, the number of bank frauds in Kotak Mahindra has been on an upward trend since the past 5 financial years.

In FY17, there were 135 fraud cases, which increased to 289 in FY18, to 383 in FY19, to 652 in FY20, and to 826 in FY21.

Bank Fraud Numbers Reducing in SBI

Additionally, Kardar informed the Parliament that unlike Kotak Mahindra Bank, the state-owned bank and the largest bank in India, SBI has reported fewer fraud cases over the past three years.

According to IRS figures, 751 fraud cases were reported in FY17, 923 in FY18, 673 in FY20, and 283 in FY21.

A combination of improved detection and reporting, along with comprehensive steps, has resulted in a sharp decline in such frauds, according to the minister, as reported by PTI.

“The RBI issued master directions on frauds in 2016 while the government has instituted wide-ranging structural and procedural reforms to check frauds in banks,” Karad said.

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