2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ICICI Bank
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State Bank of India
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HDFC Bank
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Bank of Baroda
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Detailed explanation-1: -The State Bank of India (SBI), ICICI Bank, and HDFC Bank had the most incidences of over 50,000 frauds that affected Indian institutions in the recent 11 fiscal years. Several international banks with operations in India have also reported scam cases totalling billions of rupees over the same period.
Detailed explanation-2: -The Punjab National Bank scam was touted as India’s biggest at Rs 11,400 crore and the main accused were jeweller Nirav Modi, Mehul Choksi, Nishant Modi, Ami Modi and others, including some PNB staff.
Detailed explanation-3: -According to Reserve Bank of India (RBI) data, 2,331 fraud cases involving Rs 87 crore were reported by banking entities during the six-month period as against 1,532 frauds involving Rs 60 crore. During 2021-22, the average amount of fraud decreased substantially.
Detailed explanation-4: -The results indicate that lack of training, overburdened staff, competition, and low compliance level, the degree to which procedures and prudential practises framed by the Reserve Bank of India to prevent frauds are followed are the primary reasons for bank frauds.