Banking frauds in India have reached a level where
if immediate action is not taken then public would loose faith in the
banking industry of India.
As per media reports, it has been alleged that
senior executive of private banks like ICICI, HDFC and Axis Banks
have agreed to receive unverified sums of cash and put them in their
investment schemes and benami accounts in violation of anti-money
laundering laws of India.
These allegations are serious in nature and a
thorough investigation must be conducted by enforcement officials,
serious fraud investigation office (SFIO) and Reserve Bank of India
(RBI).
If found guilt, strict legal and administrative
actions must be taken against the guilty banks and their officials.
The banking license of banks repeatedly violating
rules and regulations applicable in India must also be cancelled by
the RBI.
Further, it is also high time to formulate phishing
laws and regulations for banks and financial institutions of India as
well as complaint against more and more banks are filed these days.
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.
The sooner this is done the better it would be for
the larger interest of all stakeholders.
