Bank frauds shake public trust

Hyderabad: Banks are the custodians of public money enjoying public trust. However, increasing instances of loan default is shaking that confidence. Efforts to bring them back remain unfruitful. Notwithstanding the experience gained, banks continue to issue loans to companies and individuals with a known history of default. The latest data about bank loan default is truly shocking. The authorities have revealed that in the past five years more than 23,000 instances of bank frauds were reported. Official data has also revealed that more than 53,000 cases of bank frauds were reported in the past 11 years.