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In India, bank fraud has opened a can of insects this year, leaving public inquiries concepts such as board, administration, public sector, bankruptcy, and investor transparency with such anxiety and anger. As a former RBI governor raises more questions with the Prime Minister's Office, it is time to bring debate about crypt finance.
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Rajan and RBI – Fraud Concerns Continue
In a note to the chairman of the estimate committee, former RBI governor Raghuram Rajan has made a list of high profile cases of banking fraud simultaneously. It has been sent to the Prime Minister's Office (PMO) for an integrated action.
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Note for parliamentary panel, details of serious concern as to increase the size of the fraud in public sector banking system. Emergency and speed is expected by former RBI Governor Rajan, who mentioned the use of stringent penalties for the rapid enactment of new equipment, noncompliance, bankruptcy code and an AQR (asset quality review) process.
Along with the awareness about the inspection of the board of directors, as well as private banks - fraud cases at a number of public sector banks - as well as headlines brought the ambiguity of the current banking business model.
Stop Spinning the Wheel – Reinvent It
A recent report by the payment company FIS points to Indian digital subscribers, 18% of them have reported a fraud in the past year. There are also those who are interested in using more digital banking applications - the most affected age group was between 27 and 37 years.
Last year's declaration was as big as Rs 1.35 trillion, and according to some 2.65 other media reports in the last decade, with total capital infusion recapitalization scheme more than trillions of rupees, it is also one time in total and Bring more transparency and arbitrariness Radar of the Reserve Bank of India in India. After the crisis in the world of many global global economies of 2008, and the collapse of collateralized boycott, global financial world can use some radical methods to reconsider banking and money.
Something like that can fill the supplement or the gap that the then-banking systems have inflicted on investors and customers - something like blockchain and cryptocurrency, maybe. Where the belief is being broken through the dangers of fraud, and where the belief is, the irony is that, there is a subtle system present in the DNA.
A decentralized cloth of transactions can not be a plug-and-play response to some of the current crisis of BFSI area, but it may be a parallel or stepped response. Considering more options including cryptocurrency-based solutions, there is no harm in some highly needed transparency needle in the industry.
What solutions do you suggest to fight fraud in the banking sector? Let us know in the comments section below.