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Banking System Frauds and Legal Control

Banking System Frauds and Legal Control

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Published by jaggis1313

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Published by: jaggis1313 on Dec 08, 2009
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Banking System Frauds And Legal Control
Banking System
What is banking?
While walking on the streets of any town or city youmight have seen some signboard on buildings with names –Canara bank, Punjab national bank, State bank of India,Commercial bank, etc. what do these names stand for?Did you ever try to know about them? If you ever enter suchbuilding you will find some kind of a business office. You willsee some employees sitting behind counters dealing withvisitors standing in front of them you will find that some aredepositing money at one counter while some are receivingmoney at other counter behind the counters of office you willsee tables and chairs occupied by officers. On one side of the office you will also see a chamber (small partitionedroom) where the manager is sitting with papers on his tablesthis is office of a ‘bank’.
Banking System Frauds And Legal Control
‘Banking is defined in the Banking Regulation Act as “the activity of acceptance of deposits of money from thepublic repayable on demand or otherwise for the purpose of lending or for investment’.
Commercial banks1. Public sector banks2. Private sector banks3. Foreign banks
Development Bank
Co-operative banks
1. Primary credit societies2. Central co-operative bank 3. Sate co-operative banks
Specialised banks(EXIM Bank,SIDBI, NABARD)Central bank(RBI, In India
Banking System Frauds And Legal Control
Banking system occupies an important place in a nation'seconomy. A banking institution is essential in a modernsociety. It plays a pivotal role in economic development of acountry and forms the core of the money market in anadvanced country.Banking industry in India has traversed a long way toassume its present status. It has undergone a majorstructural transformation after the nationalization of 14major commercial banks in 1969 and 6 more on 15 April1980. The Indian banking system is unique and perhaps hasno parallels in the banking history of any country in theworld.
Investment in India - Banking System
The central bank of the country is the Reserve Bank of India(RBI). It was established in April 1935 with a share capital of 

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