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.