Eradicate Corruption-Build a strong Bank
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Eradicate Corruption-Build a strong Bank
Einstein quite rightly said, “The world will not be destroyed by those who do evil, but by those who watch them without doing anything.” India is a developing country facing many challenges. Corruption is the most detrimental of them. India was placed at 76th position out of 168 countries with a score of 38 out of a possible 100 in Transparency International's Corruption Perceptions Index 2015.
I strongly believe corruption is like a canker to the health of the economic and technological prosperity of a nation. Corruption became rampant with the winning of freedom. Owing to the fallible democratic system and lack of stringent punishment mechanism for the culprits, it thrived, more in politics, government administration departments. Gradually its nexus became more nefarious. Corruption in India spread as a result of the connection between bureaucrats, politicians and criminals.
Banks – both owned by Government and private sector are infected with the canker of corruption. On February 16, 2018 India’s second largest bank, Punjab National Bank declared it had been swindled $1.8bn. The impact of this news was catastrophic on stock market. People who had deposited money in the bank, became doubtful about the bank and rushed to have their money withdrawn. Had RBI not helped the bank, there could be a serious financial catastrophe in the nation.
After the Government agencies investigated the fraud, many more frauds related to banks came to light. Many more similar frauds have been traced. Indian people appeared to have lost trust in banks. But thanks to the strong Indian economy and the Government’s robust financial strategies, that the scam did not have much effect on the Indian economy.
However, one thing has become crystal clear; the corruption is present in banks also. If India is to become a really strong and developed country, it will have to wipe out corruption in all sectors; but the beginning must be done from banking sector. If banking system lost people’s trust, it will fail miserably and there will be a cash crash in our country.
In conclusion it can be said that in order to build a strong India, it must have a strong banking system which must be totally corruption free.
Corruption: Corruption is referred to as the fraudulent behavior by those in power. This involves in the act of bribery.
In India,
The act of corruption originated from the time of the British rule in India. The people used to bribe the officials to get their job done.
According to reports, 92% of Indians had bribed a public official to get their job done.
India also ranks 81 in the 180 countries for corruption rate.
There are various reasons for corruption in India. Some of them are,
- Complicated tax
- Excessive regulations
- Licensing system
- Lack of strict and transparent laws against corruption
Corruption-free country:
The country's economy is greatly reduced due to corruption. The money is often non-taxable and is stored as black money.
Steps should be taken in order to stop corruption if the country needs to develop. The rich get richer and the poor get poorer.
Steps to eradicate corruption:
- Reformation of the public administrative law
- Ending impunity
- Providing transparency to the information according to RTI
- Restrict regulations for international business.
- Educate and empowering the people about the effects of corruption.
- Strong banking laws
The country is filled with talent and resources, it can reach higher levels and make the country better. The inflation and the value of the money also increases. It is not the role of security personnel or income tax department to eradicate corruption. Every citizen should take responsibility to eradicate corruption from the country and help in building a corruption-free new India.