Animesh Singh, August 27 : The top private sector lender Kotak Mahindra Bank recorded aa number of as many as 5,278 instances of fraud in the first quarter (April to June) of the current financial year (2022-23) According to Reserve Bank of India (RBI) information.The contrast is stark, the nation’s most important lender State Bank of India (SBI) reported only nine fraud incidents during the same time frame.
While the exact nature of fraud or the amount of the amount that is involved in the cases aren’t mentioned in the information however the large amount of frauds that have been reported by Kotak Mahindra Bank does raise the possibility of concern.
Comparatively the other top private sector banks, such as ICICI Bank HDFC Bank, Indusind Bank and Axis Bank stood far behind Kotak Mahindra Bank in terms of frauds reported as of the end of June of the current fiscal year.
ICICI Bank reported 436 cases of fraud during the time which was following by HDFC Bank (303), Indusind Bank (200) as well as Axis Bank (195).RBL Bank reported 150 cases of fraud in the initial quarter of FY2022-23, as per RBI.
In comparison to this the amount of fraudulent cases reported by the top public sector banks of the country, such as SBI, Punjab National Bank (PNB), Indian Bank, Indian Overseas Bank (IOB), Central Bank of India (CBI), Canara Bank, Bank of India (BoI), Bank of Maharashtra and Bank of Baroda (BoB) during the same time were in single digits, with Canara Bank not ever registering a single case.
With the exception of IOB with 31 cases of fraud and Central Bank of India with 19 instances of fraud disclosed in the beginning quarter of the current fiscal year, all major banks in the public sector have reported fewer than 10 fraud cases in the time under study.
The largest lender in the country SBI has reported 9 fraud instances.PNB reported eight cases, followed by BoB (five), Indian Bank (three) as well as Bank of Maharashtra and Bank of India (two each).
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