CAN WE ALL STILL TRUST THE BANKS?

HOW SAFE IS OUR HARD EARNED MONEY?

banking sector is one of the most important sector that contributes towards the growth of the economy.It is the sector that deals with the inflow and the outflow of the finance in an economy.The economic growth of the country is highly dependent on this sector of the economy.It is the place where people from different backgrounds keep their hard earned money either as safeguard or for the sake of investment.People with utmost faith keep their money as their savings,thinking that the safest place to keep their savings for future or emergency use  is the bank.

During such phase of your life what would have happenned to you if you had  to known that all your savings in that particular bank is gone and then you cannot get them back. Yes , you all read it right. Such cases have been reported in recent times where customer of a particular bank comes to know that all their  savings have been stolen from the bank itself. 

• IS IT ETHICAL FOR A HUGE COMPANY TO DO SO?
• IS IT ETHICAL FOR A BANK TO TAKE RISK BY LOANING THE SAVINGS OF THE CUSTOMER WITHOUT THEIR CONSENT?
• IS IT ETHICAL FOR A FIRM TO SCAM THEIR CUSTOMERS?

Some times the safest place for your money can become the unsafe zone for it.Banking sectors now a days have been reported engaging themselves in running away with the customers's money.

Followings are some cases of the bank scams that we all should be aware of:

                                                                

1. Punjab Maharashtra Co-operative (PMC) BANK SCAM

PMC bank is a scheduled commercial bank established in 1984 which is currently situated in 6 different states across India.This scam was headed by the top level authorities who gave a huge loan to the HDIL and allowed them to operate password protected masked accounts'.It was found that around 21049 bank accounts were opened by bogus names to conceal 44 loan accounts.

     2. Lakshmi Vilas bank scam

On September 2019 Lakshmi Vilas Bank which was founded by a group of seven businessman of Karur was accused of misappropriating 790 crore which was kept as a fixed deposit by their customers.

:If such cases were to be listed there are thousands more of such frauds.

If we talk about PMC Bank case, at the end where will the people who have lost all their savings go. Some people are fully dependent on their savings.How will they feed their family? to whom will they approach?Playing with lives of people is definitely not a joke or a hide and seek game to play. 

Engaging ourselves in any kind of business definitely needto have profits but not at cost of losing our morals and values.It has become very necessary for people now a days to handle business along with ethics.In order to earn profit or maximize your profit, we cannot end up going against our ethics and values.Ethics  should always go on hand in hand with Business.Business without ethics will never be successful.