BANKING FRAUDS IN INDIA

AUTHOR – SHIVANGI KUMARI, STUDENT AT GALGOTIAS UNIVERSITY

Best Citation – SHIVANGI KUMARI, BANKING FRAUDS IN INDIA, ILE LEX SPECULUM (ILE LS), 1 (1) of 2023, Pg. 83-86, APIS – 3920 – 0036 | ISBN – 978-81-964391-3-2.

ABSTRACT

The Banking sector is an essential part of every country’s financial system. it affects the country’s economy by providing credit, infrastructure, and investment. This sector plays a vital role in the growth and expansion of any country. In India, this sector also provides financial stability to the Indian economy. But despite LL THESE in the modern era, banking fraud has become a common phenomenon. This type of act broke the trust of the general people who keeps their money in the bank. Under this article, we will cover the banking frauds law governing frauds in India and ways to reduce these frauds.

KEYWORDS – Banking frauds, RBI, SCAM, Indian Penal Code, 1860, INDIAN CONTRACT ACT, 1872, Punishment