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Banks no safe havens for your money


akhilesh yadav

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akhilesh yadav

Your money may not be safe in the bank, and not because of macro reasons beyond control. Cheating and forgery have led to public and private sector banks losing as much as Rs.27,000 crore cumulatively in the last five years, reveals information obtained by dna under the Right to Information (RTI) Act.

 

 

Read at: Banks no safe havens for your money | Latest News & Updates at Daily News & Analysis

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Prasad GLN

While appreciating the study, the study is not comprehensive as it involves several angles like segment wise (deposits/advances/others)

1) Insiders

2)Clients

3)Third parties.

and then through system lapses, negligence or through active participation of employees.

 

The fact is that Bank is more safer because, if a fraud is established, the victim can get the entire amount defrauded from Bank, and Banks in turn can get the insurance if there is no malafide action on part of their officials.

In such a big scale activity, amount in terms of percentage of total volume of transactions has to be arrived, and unless that percentage is given the survey is not comprehensive and may...even misleading public and encouraging a run on the bank, which is not proper.

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