What can be done to address the issue of bank frauds in India
Crackdown on bank frauds: ED has so far taken up 1,160 cases, impounded assets worth ₹65,279 crore
- Strengthening regulatory oversight: Implementing stricter regulations and conducting regular audits to identify potential frauds and prevent them from happening.
- Enhanced transparency: Requiring banks to disclose relevant information to customers and stakeholders to build trust and accountability.
- Strengthening cybersecurity measures: Investing in advanced technology and training programs to protect against cyber frauds and data breaches.
- Strengthening enforcement agencies: Providing adequate resources and training to enforcement agencies like the Enforcement Directorate to investigate and prosecute cases effectively.
- Enhancing cooperation: Collaborating with international agencies and financial institutions to track and recover assets involved in fraudulent activities.
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8 months ago