Banking frauds in India have increased tremendously.
This is partly due to lack of stringent banking fraud laws in India
and partly because the Reserve Bank of India (RBI) has failed to do
the needful in this regard.
ATM
frauds, Internet
banking frauds, online
banking frauds, RTGS
frauds, money laundering offences, etc are on rise and all
this is happening right under the nose of RBI.
In the absence of any deterrent punishment, Indian
banks and their official are openly flouting the rules and
regulations applicable to them. They are also flouting the bank's
code of conduct and ethical standards.
Banks of India are also not following cyber
law due diligence in India.
Banks of India have also failed to appoint chief
information officers (CIOs) and adopt cyber
security requirements as prescribed by the Reserve Bank of
India (RBI).
The latest to add to this list is the allegations of
money
laundering activities by private banks like ICICI Bank, HDFC Bank and
Axis Bank.
At Perry4Law
and Perry4Law’s
Techno Legal Base (PTLB) we strongly believe that the
regulatory environment for banks in India needs a rejuvenation that
must bring transparency, accountability and responsibility among
banks of India.
