According to the Reserve Bank of India (RBI) data, Leading private sector lender Kotak Mahindra Bank recorded as many as 5,278 fraud cases in Q1FY22-23 (April-June).

In stark contrast, the country’s largest bank, State Bank of India (SBI), reported only nine fraud cases during the same period.

Although the nature of the fraud and the amounts involved in the cases were not specified in the data, the high number of frauds reported by Kotak Mahindra Bank did raise concerns.

Compared to this figure, other leading private sector banks such as ICICI Bank, HDFC Bank, Indusind Bank and Axis Bank lag far behind Kotak Mahindra Bank regarding reported fraud for the quarter that ended June this financial year.

ICICI Bank reported 436 fraud cases during the period, followed by HDFC Bank (303), Indusind Bank (200) and Axis Bank (195). According to RBI, RBL Bank reported 150 fraud cases in Q1FY22-23.

Compare this with the number of fraud cases reported by the top public sector banks in the country, such as SBI, Punjab National Bank (PNB), Bank of India, Indian Bank, Indian Overseas Bank (IOB), Central Bank of India (CBI), Canara Bank, Bank of Maharashtra and Bank of Baroda (BoB) have mostly stayed in single digits during the same period, while Canara Bank has not even reported a single case.

All other major public sector banks reported less than 10 cases of fraud in the first quarter of the financial year. Still, the IOB and the Central Bank of India reported 31 cases of fraud in the first quarter of the financial year, and the Central Bank of India reported 19 cases of fraud case.

SBI, the country’s largest bank, reported nine fraud cases, PNB reported eight cases, followed by BoB (five), Bank of India (three), Bank of Maharashtra and Bank of India (two each).