A Study of Emerging Trends of E-Banking Frauds in India

Abstract

The banking industry is crucial to a nation’s development. It is an economy’s lifeline. A sound and robust banking system is a crucial prerequisite for economic expansion. The Indian banking sector is currently experiencing an IT (information technology) revolution. The banks have been reformed as a result of the adoption of the internet in banking organisations. E-banking has increased convenience and efficiency, but it has also presented regulators and supervisors with a number of difficulties. In India’s banking sector, total banking automation is rising as a result of increased bank competitiveness. Internet banking, telephone banking, mobile banking, and other forms of banking are all included in the phrase “e-banking.” Consumers in India started using the e-banking services, and they are completely integrated with the current core banking system. E-banking has brought forth many challenges and issues, however, e-banking fraud is one of fundamental issues in e-banking which deserves much attention due to larger stake involve in the issue. The present paper is an attempt to evaluate and analyse the challenges and future potential of electronic banking fraud in India. This paper presents an analyses of the existing Indian laws and regulation to tackle the menace of e-banking frauds. Finally, the paper put forth feasible suggestions for the robust legal and regulatory framework for e-banking businesses in India.