Bank frauds in india essay

In Contractual term as described in the Indian Contract Act, Sec 17 suggests that a fraud means and includes any of the acts by a party to a contract or with his connivance or by his agents with the intention to deceive another party or his agent or to induce him to enter in to a contract.

Growing customer awareness and need for transparency. There is a very high risk of fraud when dealing with unknown or uninsured institutions. The pass can be delivered to the customer at his doorstep.

In many cases, Bank frauds in india essay original deposited cheque turns out to be a forged cheque. Forged or fraudulent documents Forged documents are often used to conceal other thefts; banks tend to count their money meticulously so every penny must be accounted for.

Internet banking in India has its areas of concern. Theft of identity Dishonest bank personnel have been known to disclose depositors' personal information for use in theft of identity frauds. The objective is usually to solicit for deposits to this uninsured "bank", although some may also sell stock representing ownership of the "bank".

Bank Frauds in India

Through Internet banking facility to issue Railway pass is also available. In the United States, a criminal charge of bank fraud generally applies when an individual knowingly executes, or attempts to execute, at act 1 in order to defraud a financial institution, or 2 to receive money, assets, credits, securities, or property from a bank or financial institution using false information, pretenses, or insincere promises.

Indian Railways has tied up with ICICI bank for this purpose and one can now make railway pass for local trains online. Bank fraud is distinguished from bank robbery by the fact that the perpetrator keeps the crime secret, in the hope that no one notices until he has gotten away.

Essay on Internet Banking

Sometimes the names appear very official or very similar to those of legitimate banks. In many cases, the original deposited cheque turns out to be a forged cheque. Fraud By Others Forgery and altered cheques Thieves have altered cheques to change the name in order to deposit cheques intended for payment to someone else or the amount on the face of a cheque a few strokes of a pen can change One can shop online and the payment is also made conveniently through his account.

In order to make online payment of bills, a simple one-time registration for each bills has to be made and a standing instruction has to be made to make online payment of recurring bills automatically.

Fraud has not been described or discussed clearly in The Indian Penal Code but sections dealing with cheating. In India, a large sophisticated and highly competitive Internet Banking Market is gradually being developed with market pressure and is subjected to the following emerging challenges: Banking activity is now no longer confined to the branches where a customer has to approach the branch in person, for withdrawing cash or deposit a cheque or request for a statement of Accounts.

The number of bank frauds in India is substantial. After certain time, after the bank is happy with the company, the company requests that the bank settles its balance with the company before billing the customer.

Under this system, online banking is possible where every bank customer is provided with a personal identification number PIN for making online transactions with the bank through internet connections.

Fraud by insiders Fraud by Insiders Rogue traders A rogue trader is a highly placed insider nominally authorized to invest sizeable funds on behalf of the bank; this trader secretly makes progressively more aggressive and risky investments using the bank's money, when one investment goes bad, the rogue trader engages in further market speculation in the hope of a quick profit which would hide or cover the loss.Bank Frauds: Fraud is any dishonest act and behaviour by which one person gains or intends to gain advantage over another person.

The number of bank frauds in India is substantial. It in increasing with the passage of time. DD fraud is usually done by one or more dishonest bank employees that is the Bunko Banker. They remove few DD. Essay on Internet Banking. Article Shared by.

ADVERTISEMENTS: Essay on the Facilities Available under Internet Banking in india Essay on the Emerging Challenges of Internet Banking in India Thus there is a dual requirement to protect customers privacy and product against fraud.

Banking Securely. The statement is just basis the cases reported by member banks in India; the unreported figures could be still higher. Against this backdrop and coupled with rising NPAs and more usage of alternate Some statistics related to banking frauds As many as bank advance related fraud cases of Rs 1 lakh and more, involving Rs 4, crore, were.

Fugitive Economic Offender's Bill- An effective tool to combat bank frauds; Adhaar-Pan Link- Why is it so important? Steps Taken by Govt to Tackle NPA? The number of bank frauds in India is substantial.

Bank Frauds

It in increasing with the passage of time. All the major operational areas in banking represent a good opportunity for fraudsters with growing incidence being reported under deposit, loan and inter-branch accounting transactions, including remittances.

According to data released by the apex bank for the first nine months of FY17, approximately cases of fraud transactions - each of Rs 1,00, or above - were detected at ICICI Bank; at State Bank of India, at Standard Chartered Bank and at HDFC Bank.

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Bank frauds in india essay
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