Impact Factor (2025): 6.9
DOI Prefix: 10.47001/IRJIET
Impact Factor (2025): 6.9
DOI Prefix: 10.47001/IRJIET
Finance is a very coined term used everywhere. Probably, few people
understand the actual meaning of finance. It is not just
money/cash/funds/capital. It is the flow of funds from the givers to the
seekers in the society. A number of processing mechanisms do exist in India to
translate and carry o this work. Banking is the most commonly used service
vehicle for this purpose. When the flow of funds happens through banking, due
to mis management or poor internal check and control, there may be instances of
frauds in financial activities of bank. The frauds happening via or in banks
have a huge impact on entire banking sector thus leaves the question of
reliability on banking system. Perhaps, RBI has given many compliance
procedures also to be followed while attending a financial transaction in a
bank, but still the frauds are continued in happening. Surprisingly, the lower
level to top level staff is highly involved in these scams. The financial
frauds that are coming out on consistent basis will result into the slow pace
of growth of Indian economy. The present paper tries to discuss the impact of
financial scams and the compliance procedures followed by the staff at public
sector banks. The paper brings out some interesting recommendations/findings
from the study.
Country : India
IRJIET, Volume 5, Issue 4, April 2021 pp. 9-14
