ANALYZING BANK FRAUDS IN INDIA: TRENDS, REGULATORY GAPS, AND RISK MANAGEMENT REFORMS

ANALYZING BANK FRAUDS IN INDIA: TRENDS, REGULATORY GAPS, AND RISK MANAGEMENT REFORMS

Registration ID: IJNRD_300459

Published ID: IJNRD2409177

DOI: Click Here to Get

SURYA PRAKASH S , THRISHA S

Banking frauds, Financial Security, Banking law reform, Reserve Bank of India

The Indian banking sector has undergone changes since the liberalization of the economy in 1991. Although the banking sector is generally adequately regulated and supervised, the sector faces its own challenges in terms of ethical practices, financial distress, and corporate governance. This has been taken up by a complete rise of fraud cases, particularly in the last two decades, which have threatened the stability of the financial institutions. The paper is a comprehensive study into the emerging trends in bank frauds of India from 2004-05 to 2022-23, with prime focus on the prominent scandals such as the Vijay Mallya Fraud Case, Nirav Modi scam, Winsome Diamond Fraud, Sterling Biotech Fraud, etc. It attempts to undertake a critical analysis of the regulatory framework governing the banking sector and identifies some major lacunae that have contributed to the growth of fraudulent activities. The paper, informed by data from the Reserve Bank of India and supported by a scrutiny of extant risk management practices, highlights certain systemic vulnerabilities and recommends a set of sound reforms in pursuit of constructing superior fraud detection, prevention, and mitigation mechanisms. The finding of this study, therefore, has brought into sharper focus the need for increased regulatory oversight, better internal controls, and even advanced technological solutions to ensure security in the Indian banking ecosystem. This paper deals with some current discussions on financial security and reform in banking law and offers some pragmatic solutions to reduce future risks.

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"ANALYZING BANK FRAUDS IN INDIA: TRENDS, REGULATORY GAPS, AND RISK MANAGEMENT REFORMS", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.9, Issue 9, page no.b650-b655, September-2024, Available :https://ijnrd.org/papers/IJNRD2409177.pdf

Volume 9 Issue 9, September-2024

Pages : b650-b655

Paper Reg. ID: IJNRD_300459

Published Paper Id: IJNRD2409177

Downloads: 000121336

Research Area: Others area

Country: Chennai, Tamil Nadu, India

Published Paper PDF: https://ijnrd.org/papers/IJNRD2409177.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2409177

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

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