A Critical Study On Electronic Banking Frauds In India
- IJLLR Journal
- May 2, 2024
- 2 min read
Garima, Amity University, Noida
Dr Santosh Kumar, Amity University, Noida
Introduction
Data technology has permeated every aspect of human existence. The privatisation and deregulation of the global banking industry also had an impact on and created a competitive environment for them as a result of globalisation. Banks employ modern information technology to thrive in this climate and spark a new corporate revolution. The financial services have significantly improved thanks in large part to information technology. Indian banks see notable transformations as well.
The solution to every issue facing the banking industry today may be found in information technology. The banking industry faces difficulties as a result of the rising rate of international trade. Therefore, electronic banking helps to provide a better manner for customers to save time and have simpler transactions. The whole range of technological activities implemented by the banking sectors is referred to as e-banking. E-banking, in its broadest sense, refers to the delivery of banking services and products via electronic channels such as the internet, mobile phones, and telephones.
Understanding the structure of financial institutions and the wide range of banking services is essential to properly appreciating the scope and nature of banking frauds, which affect all aspects of bank operations and management. According to the BR Act, 1949, banking is the process of taking large amounts of money from the general public for lending or investing purposes. The money may be withdrawn by check, draft, order, or other means, and the depositor can refund the money at any time. It is possible to infer from this description that the main purposes of banks are to provide people and companies investment and loan services, payment services, and depository services in that order. These are considered to be fundamental banking operations, and banks have been carrying them out since the beginning of time.
