NEWS Indian banking saw frauds worth ₹18,170 cr in FY17: IiAS
MUMBAI, MARCH 29
The domestic banking sector reported 12,533 frauds, aggregating to ₹18,170 crore in FY17, proxy advisory form IiAS has said.
“Such high quantum of frauds can be attributed to weak internal controls, which are capable of leaving an indelible dent on the balance sheet of the bank. Though the banks are paying high audit fees, it is not necessarily resulting in lower frauds, which means that the overall audit quality needs to be improved,” the shareholder advisory firm said.
Bank of Maharashtra reported the highest number of frauds (3,893), followed by ICICI Bank (3,359) and HDFC Bank (2,319). In terms of quantum, PNB (₹2810 crore) Bank of India (₹2770 crore) and SBI (₹2420 crore) fared the worst.
WHERE THIS MONEY GONE AND HOW TO BE RECOVERED.
After all this money is of Society and even sending few low profile people behind the bar (after several years process- None of the High Profile as evident on past history) , the fact remained same that Public money is simply get siphoned.
Culprits know very well that they can't earn this amount again in their lifetime,. Fodder scam worth Rs. 1000++ Cr. is a good example, wherein the Scam amount never ever recovered till date.
Unable to understand HOW the AMOUNT get un-recovered
and un-traced even after investigations of years/decades and well proved in the Court of Law.
Is the System is foolproof OR required to be overall-ed.
This is almost in all the Scams.
ANY SUGGESTION/s more
The domestic banking sector reported 12,533 frauds, aggregating to ₹18,170 crore in FY17, proxy advisory form IiAS has said.
“Such high quantum of frauds can be attributed to weak internal controls, which are capable of leaving an indelible dent on the balance sheet of the bank. Though the banks are paying high audit fees, it is not necessarily resulting in lower frauds, which means that the overall audit quality needs to be improved,” the shareholder advisory firm said.
Bank of Maharashtra reported the highest number of frauds (3,893), followed by ICICI Bank (3,359) and HDFC Bank (2,319). In terms of quantum, PNB (₹2810 crore) Bank of India (₹2770 crore) and SBI (₹2420 crore) fared the worst.
WHERE THIS MONEY GONE AND HOW TO BE RECOVERED.
After all this money is of Society and even sending few low profile people behind the bar (after several years process- None of the High Profile as evident on past history) , the fact remained same that Public money is simply get siphoned.
Culprits know very well that they can't earn this amount again in their lifetime,. Fodder scam worth Rs. 1000++ Cr. is a good example, wherein the Scam amount never ever recovered till date.
Unable to understand HOW the AMOUNT get un-recovered
and un-traced even after investigations of years/decades and well proved in the Court of Law.
Is the System is foolproof OR required to be overall-ed.
This is almost in all the Scams.
ANY SUGGESTION/s more
Viewed by 437
View all 34 comments Below 34 comments
"Axis Bank posts first-ever quarterly loss" News in thehindubusinessline.com How come all of a sudden the leading banks including Private are getting in to losses of Hugh amount?????? Good example more
Apr 28
It is NOT ONLY that "wrong people have been getting promoted" but even after making havoc they are rewarded. Will this not motivated to the MORE CORRUPTION, as the fact remained that they are assured well that NOTHING will be wrong if they do anything. Rs. 9.70 Lac Crors of rupees Bad debt is good example. It is clear that without the very involvements of these BABUS the at high level. Moreover, well knowing this fact there is NO ACTION till date except the exception. The question unanswered is " WHERE IS THE MONEY"??????? and WHAT IS THE ACTION ?????? NO ANSWER. more
Apr 27
It is apparent that the wrong people have been getting promoted to higher levels due to the nexus between the political class and top echelons of banks. When people are content to warm their chairs just so they can be sure of promotion to the next post or offered a suitably remunerative post after retirement when all that is required of them is to be Yes Men/Women to the powers-that-be it stands to reason that the National Exchequer will have to stand the strain resulting from BAD Advances. Now when we hear of three top executives of IDBI Banks facing charges for huge loss during their tenure, we wonder how they were promoted to their present posts of CMD Indian Bank(?) or CMD Syndicate Bank and how one retired without anything being unearthed at the time. It is time that the Selection Committee members who promoted these fallible men to positions of power that they misused are asked for their explanations and on what grounds they promoted such dishonest human beings to powerful posts in Banking. L.Kalavathi Retd Bank Official Chennai, Tamilnadu,India 27/04/2018 more
Apr 27
It's not unqualified person but previously the bank jobs where recurited by family background after nationalisation and after the Advent of banking services recurting board the chairman of the boards and it's official started corruption this happens in all govt instiution no punishment only punishment is to ask the officials to go on voluntary retirement and they get all retirement benefits as long as this is there India cannot develop and my case with stock exchange corruption is dragging for ten years now going to WikiLeaks about India more
Apr 28
No one is infallible but every thing cannot be doubted. At least, the judiciary should be kept aloof and not politicised. more
Apr 27
Latest to fall in the list is ICICI bank,all favors to their mutual friendship of Mr.Dhoot owner of Videocon with Mr.Deepak Kochha MD,CEO of ICICI, a real shame more
Apr 02
First of all dismiss those employees who helped fraudsters and seize their citizenship documents permanently. Let them live like a refugee in their own Motherland. This is the best punishment. more
Apr 02
Even Judges were also threatened , cautioned since DECADES OF CONGRESS RULE. There is need to change the Mandatory part of our Constitutional Bodies and why, localcircles.com proposed for Several TOP IMPORTANT ISSUES for for Reforms and are in line. This could be achieved only when the NDA rains 18 States and Majority in Both the Houses of Parliament. more
Apr 02
