5904 banks frauds in 3 months in India

[bitlind]

Furthermore recently there was a news about that India forbids and have banned bitcoin and cryptocurrencies on their territory. As far as I know a huge amount of Bounty Hunters wear from there...

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[First77]

Furthermore recently there was a news about that India forbids and have banned bitcoin and cryptocurrencies on their territory. As far as I know a huge amount of Bounty Hunters wear from there...

India will follow USA. If U.S legalize Bitcoin, India will follow it.

[BTC-BTC-BTC]

It's very difficult for a country to get back on track with frauds from that many banks. Banning Bitcoin just another step to prevent the banking system to get worsening from people moving the money out from the bank to bitcoin or sending money out of the country.

[Vineeta2october]

Situation is really worse at the moment and so many bank scams are being discovered. Tough time ahead for sure.

[Barbut]

Situation is really worse at the moment and so many bank scams are being discovered. Tough time ahead for sure.

It`s like that forever, and don`t think otherwise even for a second. Banks cheat people all the time, and when they make some big mistake government bails them out, and that`s it. Bank board of directors will get their bonuses for sure. What will this change? Believe it or not nothing, only thing we can hope for is to people to see flaws of bank system and to give their trust to crypto.
This situations contribute to rise of crypto popularity, now people have alternative and if they see how bad banks are they can turn to crypto and to use banks just for necessary things. I wait day when we will be able to use crypto for everything, for every payment for what ever, in that moment I will close my bank account.

[shackleford]

I am certainly very far from India and their governments. But after reading all the messages I realized one thing. That India has a great potential of resources. This is a rich country, the ruling system and the government, it is all one coalition. The economic system is collapsing because of them, but I think you're missing something, it's probably just competition. India is strengthening its banks, which are beneficial to the Government Maybe that's the question. Perhaps this is an important motive, why in India is happening such years .

[glowing10]

Situation is really worse at the moment and so many bank scams are being discovered. Tough time ahead for sure.

In order to restrict more such scams happening through btc or can happen I think that is the reason RBI has closed all the bank accounts related to crypto and govt has asked to stop trade related the crypto . Basically they are not supporting so that more scam does not happen through this source.

[First77]

Situation is really worse at the moment and so many bank scams are being discovered. Tough time ahead for sure.

Looks like bank financial crisis is coming to India.

[cleygaux]

Note:  See on the right side of each post (top right corner) there is "+Merits"

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

About the #NOte,LOL you think its wise to sent merit to this kind of post OP? BTW Can you send me the link for a clear and detailed info about this kind of news from India, its thousand numbers that involve banks its really alarming If Im a bank investor,  If this is true then India government has to resolve this problems immediately to protect its consumers.

[First77]

About the #NOte,LOL you think its wise to sent merit to this kind of post OP? BTW Can you send me the link for a clear and detailed info about this kind of news from India, its thousand numbers that involve banks its really alarming If Im a bank investor,  If this is true then India government has to resolve this problems immediately to protect its consumers.

That's true. Use google.com

[First77]

Situation is really worse at the moment and so many bank scams are being discovered. Tough time ahead for sure.

The bank frauds in India has exposed the nexus/cartel of managers with outside people. This situation must be in other countries also. These managers get control of multi-million dollars from customer's money and they think they are owners of the money. They give the big money to whoever they only think is the profitmaker when the fact is they are idiots/fools/scammers/lossmakers in the end. Good people are denied the money.

He is the CEO's nephew or friend's friend, or senior manager's relative or he/she has lunch/tea with director of the company or commissioner of police or army major etc. Other people are denied money or have to stand in queue when they are the profitmakers.

The game is over for the stock markets

[Chrystora123]

fraud will always happen if the fraudster sees the opportunity, and if you look at the case experienced by the Banks in India who committed fraud, I see it's a mistake in many factors ranging from its management, its financial system and its human inside, and the people inside who I think are the cause of the problem...

[First77]

fraud will always happen if the fraudster sees the opportunity, and if you look at the case experienced by the Banks in India who committed fraud, I see it's a mistake in many factors ranging from its management, its financial system and its human inside, and the people inside who I think are the cause of the problem...

Today India's rank #2 private bank "ICICI bank" share price fell -5% and there are allegations against ICICI bank's CEO of signing $500 million loan to her husband's business. Some major news coming for Indian banks fraudulent/cartel practices.

[First77]

About the #NOte,LOL you think its wise to sent merit to this kind of post OP? BTW Can you send me the link for a clear and detailed info about this kind of news from India, its thousand numbers that involve banks its really alarming If Im a bank investor,  If this is true then India government has to resolve this problems immediately to protect its consumers.

Tomorrow there is no confidence vote in the Indian parliament for Indian Prime Minister Narendra Modi's government. First in past 15 years

[Ava Duvall]

People are wounding economies either consciously or inadvertently and yet the thrive of bitcoin and cryptocurrencies, which are an improvement of the traditional systems are being dwindled.

Because cryptocurrencies are the unknown, and not many understand how they work.  so its easier to talk about what you understand

[Mastsetad]

this seems very horrible and makes the country of India to be the worst country that ever existed hopefully it's all over quickly, the country of India is bad with the existence of cryptocurrency.

We cannot say a county like India bad with such incidents because such things happens every where in the world. The thing is how one react to these things and what precautions do the government take to avoid such losses in future.

[bapetdik]

I think that's very bad. Because the value is very much and certainly will make the economy becomes unstable or even declining. Is this news valid? if yes of course this is a shocking news. And will give negative effects in all fields. That's just my opinion.

[banks38]

When the people are poor and in dire need they will eventually make a move to escape the life.  Death is not as painful as reality so you get attempts at all sorts of behavior including Bank fraud.

[jrrsparkles]

Note:  See on the right side of each post (top right corner) there is "+Merits"

There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18

The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.

How is this for economics ??

Worst management from the Indian governments,they fell in each part and increase their crime rates after the Narendra Modi becomes the Prime minister of India.The lost amounts were collected from all the citizen by increasing the taxes to every products that people using everyday but they are getting no benefits from paying taxes to that country.So all the Indians need to think well before voting in the common elections of they want good future.

[RAMSHIVDEEPAK]

Note:  See on the right side of each post (top right corner) there is "+Merits"

By making the notes like this,you will not get any merits. May be some members tag you as merit beggar. So this is my suggestion to remove it .