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Banking Scams in India: A Case-Based Analysis

Banking Scams in India: A Case-Based Analysis

Rohan Prasad Gupta, Bappaditya Biswas
Copyright: © 2021 |Pages: 21
ISBN13: 9781799887584|ISBN10: 1799887588|EISBN13: 9781799887607
DOI: 10.4018/978-1-7998-8758-4.ch013
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MLA

Gupta, Rohan Prasad, and Bappaditya Biswas. "Banking Scams in India: A Case-Based Analysis." Money Laundering and Terrorism Financing in Global Financial Systems, edited by Abdul Rafay, IGI Global, 2021, pp. 304-324. https://doi.org/10.4018/978-1-7998-8758-4.ch013

APA

Gupta, R. P. & Biswas, B. (2021). Banking Scams in India: A Case-Based Analysis. In A. Rafay (Ed.), Money Laundering and Terrorism Financing in Global Financial Systems (pp. 304-324). IGI Global. https://doi.org/10.4018/978-1-7998-8758-4.ch013

Chicago

Gupta, Rohan Prasad, and Bappaditya Biswas. "Banking Scams in India: A Case-Based Analysis." In Money Laundering and Terrorism Financing in Global Financial Systems, edited by Abdul Rafay, 304-324. Hershey, PA: IGI Global, 2021. https://doi.org/10.4018/978-1-7998-8758-4.ch013

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Abstract

In today's dynamic world, banking scams and frauds that are committed by willful defaulters are more technical and complex in nature. To tackle these crimes, banks need to improve their working system and technologies. In this chapter, cases of recent banking scams in India have been analyzed to find out the operational loopholes present in the system which led to such a crisis. Further, the measures taken by the Government of India to detect and prevent such scams have been discussed. On the basis of an in-depth study of the cases, researchers suggested certain feasible solutions to overcome such crises in the future. These recommendations shall prove useful to strengthen the banking sector, which is believed to be having considerable socio-economic significance to bring back confidence among the stakeholders and to safeguard the money of the masses.

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