Bank fraud in India: Who’s really at risk?
Nine banks accounted for about 57% of chargebacks raised during April-September 2025. Two banks, Yes Bank and Axis Bank, accounted for about a quarter of the total chargebacks raised—15% and 12%, respectively. UPI volumes flowing through them was also a factor. According to data from the National Payments Corporation of India, Yes Bank accounted for about 40.5% of UPI transactions and Axis Bank 9% in January 2026. While there’s no systemic risk, individual risk remains.
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