Banking Frauds: Result is Rising NPAs; Better to
Prevent now than to run after
Rising volume of
Bank frauds is swallowing all the economic development and is causing financial
indiscipline in the country. One big defaulter like Vijay Malya, Nirav Modi,
Mehul Choksi usurps thousands of crores which not only adds to sharp increase
in the quantum of Non-Performing Assets (NPAs) but takes out the sizable funds
that could have otherwise been used for economic well being of thousands of
poors willing to become entrepreneurs with banks’ help and plan to start up
their small businesses.
Bank Frauds: Key Facts
A survey by FIS, a financial services technology provider,
showed that 18% of Indians suffered from an online banking fraud.This was a
higher percentage than any other country. In comparison, only 8% of people from
Germany reported a fraud followed by 6% in the UK.
According to Reserve Bank of India reports, during the past five
years more than 23,000 cases of fraud involving Rs 1 lakh crore have been
reported
In one year only, from April, 2017, to March 1, 2018, Number of
Bank fraud cases has gone up to 5,152 from 5,000 in 2016-17 Readmore…
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