Kotak Mahindra Bank had the most frauds 2021, followed by ICICI Bank: Data from the government.
In 2021, Kotak Mahindra Bank had the most frauds, followed by ICICI Bank: Data from the government.
In the first nine months of 2021-22, Kotak Mahindra Bank had the most frauds, with 642, involving Rs 1 lakh or more, followed by ICICI Bank and IndusInd Bank, with 518 and 377, respectively.
Minister of State for Finance Bhagwat Karad briefed Parliament that the number of bank frauds involving Rs 1 lakh or more has increased from 135 in FY17 to 289 in FY18; 383 in FY19; 652 in FY20; and 826 in FY21.
In the previous three years, the number of scams at India’s largest lender, SBI, has decreased. According to the minister, there were 751 events in FY17, 923 in FY18, 931 in FY19, 673 in FY20, and 283 in FY21.
ICICI Bank had 518 frauds of Rs 1 lakh or more over the nine-month period, followed by IndusInd Bank with 377, Axis Bank with 235, State Bank of India with 159, and HDFC Bank with 151.
According to Karad, many measures have been implemented to combat bank fraud. Aside from that, steps have been taken to discourage fraudsters from committing crimes.
In a written reply to the Lok Sabha, Karad noted that the Reserve Bank of India’s instructions to banks, as well as the government’s wide-ranging structural and procedural changes, have helped to curb bank fraud during the previous five years, and the amount involved has dramatically decreased.
Aside from that, he added, steps have been taken to dissuade fraudsters from committing crimes.
He noted that bank fraud had decreased dramatically in the previous five years, falling to Rs 648 crore in the first nine months of 2021-22. Bank frauds totaled Rs 61,229 crore in 2016-17, then fell to Rs 11,583 crore in 2020-21, then to Rs 648 crore in April-December 2021-22.
According to him, improved detection and reporting, as well as specific actions, resulting in a dramatic decrease in such scams.
The most significant number of fraud occurrences have surfaced at Kotak Mahindra Bank (Kotak Mahindra Bank).The government informed Parliament of this information.
During the budget session in Parliament, the government stated that Kotak had the largest number of bank frauds in the first nine months of 2021-22. The issue of bank fraud has risen to the fore.
In the last nine months, 642 fraud occurrences have been recorded. Frauds of Rs 1 lakh or more were committed in these cases. This scam did not just affect Kotak Mahindra; it also involved several small and large institutions. Following Kotak Mahindra, ICICI Bank (ICICI Bank) has reported 518 incidents, and IndusInd Bank has reported 377 cases, according to the government.
According to reports, fraud instances have been reduced as a result of obeying the Reserve Bank’s guidelines and standards. Customers are increasingly suspicious of these situations, which have occurred less frequently than in the past. The Reserve Bank has implemented several rules and process changes to combat fraud.
If we look at the previous five years, we can see that the quantity of money stolen through fraud has decreased. That is, at the level where frauds used to occur, the amount of fraud in terms of money, such events are now few and far between. Minister of State for Finance Bhagwat Karad informed the Lok Sabha about this.
How many instances have occurred at which bank?
The Minister of State for Finance reported the fraud events before the Lok Sabha, as well as the sum involved. Information was provided concerning scams involving one lakh rupees or more that had surfaced in the recent five years.
Although the number of fraud incidences at Kotak Mahindra Bank has risen year after year, from 135 in FY 2017 to 289 in 2018, 383 in 2019, 652 in 2020, and 826 in 2021. According to statistics supplied by the Reserve Bank, there were 642 occurrences of fraud at Kotak Mahindra Bank in the fiscal year 2021-22, which ran from April to December.
What was the government’s response?
ICICI Bank, on the other hand, had 518 frauds involving Rs 1 lakh or more in the nine-month period. IndusInd Bank reported 377 fraud instances, Axis Bank reported 235, State Bank of India reported 159, and HDFC Bank reported 151.
In the previous three years, the number of frauds at SBI, the country’s largest bank, has decreased. In the financial year 2017, there were 751 incidents, 923 in the financial year 2018, 931 in the financial year 2019, 673 in the financial year 2020, and 283 in the financial year 2011.
According to Karad, many measures have been implemented to combat bank fraud. Aside from that, safeguards have been put in place to keep scammers at bay.
High-tech banking claimants are ”victims” of cybercriminals!
Cyber hackers have attacked a number of banks that claim to be high-tech and safe. Every year, online frauds become more prevalent across the country. Fraudulent activity is on the rise. In the previous nine months, 642 incidences of fraud have been discovered at Kotak Mahindra Bank.
The majority of scams have been exposed, according to Kotak Mahindra Bank. The data were presented to Parliament by the administration on Monday. The government released information regarding this at Parliament’s financial session (Budget Session).
In the first nine months of last year, Kotak Mahindra Bank had the highest bank frauds. Six hundred forty-two incidents of fraud have been discovered in the previous nine months. It has been revealed that the scam involved more than Rs 1 lakh.
Not only has Kotak Mahindra fallen prey to these cybercriminals, but many other small and large institutions have as well.
According to the authorities, there have been 377 incidences of fraud in ICICI Bank (ICICI Bank518) but none in IndusInd Bank (IndusInd Bank). Customers were inevitably drawn in. Online banking is designed to provide you with convenience and speed. Don’tDon’t allow cybercriminals to profit from it. You will not be a victim of this fraud if you exercise caution.
According to the central bank, public awareness has risen
To combat the escalating cyber fraud, the Reserve Bank of India (RBI) conducted a massive public awareness campaign with the cooperation of banks.
Every year, this activity is carried out. Dissemination, audiovisual, and advertising are all used to report online fraud. As a result, it is said that the rate of online fraud has dropped.
Bullying and slander are prevalent complaints among many students. The villain also employs a variety of deceptions. As a result, the unwary buyer falls into their trap.
The central bank has implemented several adjustments to the regulations and processes to combat fraud.
Air safety coat Kotakala
Dr. Bhagwat Karad, Minister of State for Finance, read out facts on the fraud and occurrences in the Lok Sabha. He presented the House of Commons with scams totaling more than one lakh rupees in the previous five years.
The greatest loser has been Kotak Mahindra Bank. In 2017, Kotak Mahindra had 135 fraud cases. It grew to 289 people in 2018, 383 people in 2019, 652 in 2020, and 826 in 2021.
Karad used RBI data to discover that cyber thieves targeted Kotak Bank the most between April and December 2021-22. There were 642 fraud cases.