Though the Indian banking sector has undergone phase-wise reforms over the past few decades, the banks have to finetune their systems to curb the incidence of frauds in the sector, W.K. Sarwade, president of Indian Commerce Association and Dean, faculty of Commerce and Management at Dr. Babasaheb Ambedkar Marathwada University, Aurangabad, has said.
He was delivering the inaugural address at the two-day national conference on ‘Financial Sector Reforms in India’ organised by Gulbarga University here on Friday.
Prof. Sarwade claimed that the public sector banks have suffered losses to the tune of ₹22,585.83 crore due to fraud committed allegedly by Vijay Mallya, Nirav Modi and Mehul Choksi, all these accused fled overseas, while the banks only harass poor farmers who fail to repay crop loan.
