As many as 22,949 cases of fraud in both public and private banks came to light in the last five fiscals involving over Rs 69,769 crore.
Besides the Big 4, others on the list include BMR Advisors, Chokshi and Chokshi LLP, and Grant Thornton, Mukund M Chitale and Co.
The IBA has empanelled 39 audit firms for conducting forensic audit of frauds exceeding Rs 50 crore in banks.
Similarly, 73 auditing firms have been indentified for forensic audit in banks where the amount involved in frauds is less than Rs 50 crore.
"Prior to assignment and engagement, member banks need to invite price bids from the empanelled audit firms," the IBA said.
Concerned over high incidence of frauds in banks, the Reserve Bank had operationalised a Central Fraud Registry (CFR) as a searchable centralised database for use by banks in January 20 last year.
The reasons for fraud, according to the RBI, include gaps in credit underwriting standards, liberal cash flow projection at the proposal stage, lack of continuous monitoring of cash flow and cash profits (Ebitda), and lack of security perfection.
The other reasons are overvaluation, gold-plating of projects, diversion of funds, double financing and general credit governance issues in banks.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)