Banking Frauds In India

The number of bank frauds is increasing and is denying all the monetary improvement of the country and is causing budgetary indiscipline in the nation. Defaulter like Vijay Mallya, Nirav Modi, Mehul Choksi have taken a large number of money which resulted in expanding of the Non-Performing Assets (NPAs) yet in addition taking out the enormous measure of assets that would have been utilized for financial advantages of thousands of individuals.An overview from a monetary organization, demonstrated that 19% of Indians experienced web based financial cheats.According to Reserve Bank of India report, over the most recent five years, excess of 22,000 instances of cheats have been accounted for. Top Banking frauds cases are of around Rs 13,000-crore fraud in the Punjab National Bank committed by Surat diamond merchant Nirav Modi and Mehul Choksi.

•Vijay Mallya has taken around Rs. 9 thousand crores rupees in credits from numerous Indian Banks and has fled from the nation.There is a major distinction between deliberate defaulter and the defaulter because of his terrible monetary state. Purposeful defaulter is a criminal to the general public and he should not be spared.People who are doing the Bank Frauds misuse the banking system and disturb financial discipline making banking system weak and insecure for common people.When farmers are not able to repay their loans, they commit suicide. If the middle class fails to pay their EMI, their houses and cars get seized. But the big defaulters like the business groups take huge amount of money and do not repay and banks turn them into NPAs.

•These big defaulters run out of the country because timely actions are not taken on them. Despite, many people have been arrested, then also these loan frauds are not stopping.The Banking area is as of now under strain and is moving toward from time to time to the Government for re-capitalization, yet these advance fakes evaporate every one of these endeavors.Most of the big businessmen who have committed loan frauds are running away from the country, strong efforts are needed to bring them back in the country and punish them.Banks need to stops providing further loans to the businesses who are suffering losses and are unable to repay the previous amount.Government needs to stop giving loan waivers, instead they should make people capable enough to repay their loan amount.