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
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