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Bank swindles records 77 Percentage in the year 2006

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There was a shocking news for the Indian Banks, as per the report by RBI banking swindles were up to 77% from the past years and had crossed more than Rs. 1000 Crores. They were not only growing in numbers but were also becoming bigger day by day and banking swindles are making their existence felt.
RBIs development and improvement report of 2005-06 had stated that the amount involved in banking swindles had boosted to Rs. 1,381 Crores from Rs. 779 Crores by amazing hike of 77%. Number of cases accounted was also increased by 33% to about 14,000 from just 10,500. The report also features the hike of swindles in home loans and the submission of false certificates to acquire home loans was an uncontrolled practice in the sector.
RBI asked the State Government to assist in putting a system in place where it can notice whether the similar land has been financed for more than one time but some of the states had shown their interest to assist in putting such a system into practice.
Bill finance and cheque discounting were the two areas which zeroed the report by the RBI and drawing of benami or fake bills and taking out the secret stocks was also a widespread modus operandi which was implemented by the borrowers. Negligence in checking out the certificates and visiting the credited land before approving loans led to the rise in swindles said the reports to the www.propertykhazana.com .
Source: NIMMA BENGALURU

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