NEED FOR BANKING OMBUDSMAN IN THE ERA OF BANK RELATED SCAMS IN INDIA

Ajit Narayan Jadhav,  et. al.

doi:10.17762/pae.v58i3.4446

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Published: Mar 30, 2021

DOI: https://doi.org/10.17762/pae.v58i3.4446

Ajit Narayan Jadhav, et. al.

Abstract

Today the Indian banking system, it has begun to grow rapidly and also faced many challenges. Recent news have shown that the bank is vulnerable to many risk of scams.In spite of various observations and regulations being introduced to reduce the frauds, still it is observed that frauds are being committed.

This paper aims at studying the number of frauds being committed by various banks year wise, and sector wise. This study is descriptive in nature and secondary data collected from various reliable sources mainly RBI reports, websites, etc. The primary data is collected from 50 respondents through the online google form as a data collection tool. Analysis of data is based on various statistical tools like two-tailed Mann-Whitney, Kruskal-Wallis test and graphs.

The study reveals that there is a rising trend in the frauds. So now here is a need of Banking Ombudsman as redressal and regulatory mechanism to control bank cams.

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Vol. 58 No. 3 (2021): Volume 58 No. 3 (2021)

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