Mumbai, Aug 27 (IANS): Main personal sector lender Kotak Mahindra Financial institution recorded aa many as 5,278 circumstances of fraud within the first quarter (April to June) of the present monetary 12 months (2022-23), in accordance with Reserve Financial institution of India (RBI) knowledge.
In stark distinction, the nation’s largest lender State Financial institution of India (SBI) reported solely 9 fraud circumstances throughout the identical interval.
Although the character of fraud and the quantum of quantity concerned within the circumstances just isn’t specified within the knowledge, the large variety of frauds reported by Kotak Mahindra Financial institution does elevate concern.
In comparison with this determine, different main personal sector banks similar to ICICI Financial institution, HDFC Financial institution, Indusind Financial institution and Axis Financial institution stood far behind Kotak Mahindra Financial institution when it comes to frauds reported as much as the June quarter of the present fiscal.
ICICI Financial institution reported 436 circumstances of fraud throughout the interval, adopted by HDFC Financial institution (303), Indusind Financial institution (200), and Axis Financial institution (195). RBL Financial institution reported 150 circumstances of fraud throughout the first quarter of FY2022-23, in accordance with RBI.
In comparison with this, the variety of fraud circumstances reported by high public sector banks of the nation similar to SBI, Punjab Nationwide Financial institution (PNB), Indian Financial institution, Indian Abroad Financial institution (IOB), Central Financial institution of India (CBI), Canara Financial institution, Financial institution of India (BoI), Financial institution of Maharashtra and Financial institution of Baroda (BoB) throughout the identical interval principally stood in single digit, with Canara Financial institution not reporting even a single case.
Aside from IOB with 31 circumstances and Central Financial institution of India with 19 circumstances of fraud reported within the first quarter of the present fiscal, all the opposite main public sector banks reported lower than 10 fraud circumstances throughout the interval beneath evaluation.
The nation’s largest lender SBI reported 9 fraud circumstances, PNB reported eight circumstances, adopted BoB (5), Indian Financial institution (three), and Financial institution of Maharashtra and Financial institution of India (two every).