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Rise in cases of banking fraud, picture on economic front worrisome, says Shiv Sena

The editorial referred to the Reserve Bank of India’s (RBI) recent report indicating that the banking sector reported 6,801 frauds involving a total Rs 71,542.93 crore.

By: Express News Service | Mumbai | September 1, 2019 4:07:53 am
rbi, rbi fundtransfer, rbi fund transfer to centre, gdp, indian economy, macroeconomy, indian express The editorial referred to the Reserve Bank of India’s (RBI) recent report indicating that the banking sector reported 6,801 frauds involving a total Rs 71,542.93 crore. (Express Photo by Tashi Tobgyal)

THE SHIV Sena on Saturday said that though the economy was impacted by the slowdown, there was “rise in banking fraud” cases. In an editorial in party mouthpiece Saamana, it said the picture on the economic front was “worrisome”.

The editorial referred to the Reserve Bank of India’s (RBI) recent report indicating that the banking sector reported 6,801 frauds involving a total Rs 71,542.93 crore. It also showed that the number of fraud cases has increased by 15 per cent compared to last year and the amount involved in the frauds has gone up by almost 74 per cent.

The editorial said the banking frauds have become a “blot on the Indian economy”. “The bank scams have not stopped and the amount of fraud has gone up by 74 percent. It may lead people to ask what change has happened on the economic front in our country. The bank scams have become biggest obstacle in the economic development,” said the editorial.

“Various industries and businesses have been impacted by the slowdown. Employment generation has stopped and many are losing the jobs. Though the economy is impacted by the slowdown, there is rise in the banking frauds. This picture on the economic front is worrisome,” the editorial stated.

Stating that the change in government did not mean change in the system, the editorial added that many banks and their management in the country have been handing out thousands of crores on fraudsters but it does not allow the poor farmers to stand in front of the banks.

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