Since the liberalisation of the Indian economy in 1991, the banking sector has made progress by leaps and bounds. They have been able to diversify their activities and provide more schemes and financial services to those in need than could previously be done.
However, despite all the progress made, the system that is supposedly well-regulated and supervised is still ridden with many cases of money laundering and corruption. When it comes to ethical practices, the sector lacks significantly.
Many companies and individuals have used the lack of proper supervision and prevalence of corrupted officials to their advantage in order to garner more wealth for themselves.
These incidents have badly shaken up the banking sector and left the country in a worse-off financial position.
Read More: How To Stay Safe From Banking And Credit Card Frauds
It is clear that cases of political interventions and pressure, lack of appropriate monitoring agencies and over-dependence on manual supervision are some of the reasons for the continuance of these frauds in our country.
Unfortunately for these individuals, these scams have not stayed under the radar for long, and now many of them have to pay a high price for indulging in such malpractices.
Here are some of the biggest banking and financial scams in India and how they shook the economy.
No doubt, the system has to improve on how transparent its operations are to eliminate loopholes at all costs. What are some other Indian financial scams that you think we missed? Let us know in the comments below!
Image Credits: Google Images
Sources: GQ India, Forbes, Moneycontrol
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The post is tagged under: finance, financial schemes, loans, loans in India, schemes, money, money laundering, the banking system in India, available loans in India, banks, banking frauds, corruption in the banking sector, the financial position of India, Indian economy, corruption, Nirav Modi, Vijay Mallya, Kingfisher Airlines, financial scams, fictitious bank accounts, fake bank accounts, money transfer, loan transfers, Punjab National Bank, Bank of Maharashtra, Oriental Bank of Commerce, Syndicate Bank, IDBI Bank, money, Indian finance sector, bankers, banks
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