RBI Urged To Tighten Banking Norms After ICICI Employees Multi-Crore FD Fraud

New Delhi: In wake of revelations {that a} feminine worker of ICICI Bank illegally withdrew crores of rupees from greater than 100 buyer accounts, together with mounted deposits (FDs), monetary professionals have known as at the Reserve Bank of India (RBI) to take stricter measures to handle such loopholes within the banking machine. 

Experts have advised that the RBI will have to introduce methods like tokenisation for mounted deposits, which might make sure that delicate FD knowledge is obtainable most effective to the account holder, fighting misuse by means of financial institution personnel. They additionally emphasized the desire for the central financial institution to support its supervisory mechanisms to hit upon such frauds early and successfully.

The fraud came about at ICICI Bank’s Shriramnagar department within the Udyog Nagar house of Rajasthan’s Kota. According to studies, the worker, known as Sakshi Gupta, allegedly misused inside banking methods to siphon off roughly Rs 4.58 crore from 110 accounts, maximum of which belonged to senior electorate.

She is accused of making an investment the price range within the inventory marketplace. Gupta reportedly performed the fraud over a span of 3 years, from 2020 to 2023. She allegedly upfront closed mounted deposits with out the account holders’ consent, activated overdraft amenities, and used virtual banking platforms to switch price range into accounts held by means of her members of the family.

The fraud got here to mild most effective when one of the vital affected consumers visited the department to inquire about his mounted deposit. ICICI Bank filed a proper police grievance on the Udyog Nagar police station in February 2025, after accomplishing an inside investigation.

In a remark, ICICI Bank clarified that each one legit buyer claims were resolved and that no buyer has suffered any monetary loss because of the incident. However, the case has raised severe considerations about inside controls and oversight inside of banks.

Experts are urging the RBI to enforce complicated technological safeguards and a extra powerful tracking framework to stop identical incidents at some point.