How banking frauds can be nipped in the bud
Banks need to focus more on frauds in order to maximize the chances of detecting them at an early stage
The Nirav Modi case has once again cast the spotlight on the dark corners of the Indian banking universe. The details of what exactly went wrong are still trickling into the public domain, yet the information available till now suggests that there was a failure at different levels—internal controls, corporate governance and weak regulatory capabilities. The authorities should not let this crisis go waste, but use it as an opportunity to minimize the risk of such frauds in the future.