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Banking Fraud is posing danger to Indian Economy
. Its bright effect can be understood be the truth to in the day 2004 numeral of Cyber Crime were 347 in India which rose to 481 in 2005 presentation an build up of 38.5% while I.P.C. Sort crime stood next to 302 in 2005 counting 186 gear of cyber fraud and 68 gear cyber phony. Thus it becomes very of the essence to occurrence of such frauds ought to be minimized. Further upsetting is the truth to such frauds are entering in Banking Sectoras well.Stylish the existing daytime, Global Scenario Banking System has acquired novel dimensions. Banking did stretch in India. Today, the banking procedure has entered into competitive markets in areas wrapper resource mobilization, being resource development, customer services and esteem management as well.
Indian's banking procedure has several outstanding achievements to its esteem, the a good number striking of which is its range. Stylish truth, Indian banks are instantly stretch impossible into the remotest areas of our nation. Indian banking, which was operating in a highly comfortable and protected surroundings dig the creation of 1990s, has been pressed into the variable waters of intense competition.
A sound banking procedure ought to possess three basic characteristics to safeguard depositor's gain and communal faith. Theses are (i) a fraud released culture, (ii) a measure tested Best Practice Code, and (iii) an in stock immediate accusation remedial procedure. All these conditions are their missing or particularly weak in India. Section 5(b) of the Banking Regulation Act, 1949 defines banking... "Banking is the accepting on behalf of the reason of lending or investment, deposits of money from the reason of lending or investment, deposits of money from the communal, repayable on demand or otherwise and withdraw able by cheque, drawn from a keg, order or otherwise." But if his money has fraudulently been drawn from the group the latter is under strict obligation to reimbursement the shareholder. The group therefore has to ensure next to all epoch to the money of the depositors is not drawn fraudulently. Time has roll up while the security aspects of the banks suffer to be dealt with on priority basis.
Thebanking procedure in our nation has been taking forethought of all segments of our socio-economic ready up. The Article contains a chat on the arise of banking frauds and various methods to can be used to get around such frauds. A group fraud is a slow take effect of omission or commission by in the least person approved impossible in the pour of banking transactions or in the books of accounts, follow-on in evil get to in the least person on behalf of a temporary point or otherwise, with or lacking in the least monetary loss to the group. The appropriate provisions of Indian Penal Code, Criminal Procedure Code, Indian Contract Act, and Negotiable Instruments Act involving to banking frauds has been cited in the existing Article.
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