Frauds in banks have been predominantly occurring in the loan portfolio/ advance category. It has not grown only in numbers but also in size.
Banks take long time to detect frauds. The delay is due to weak implementation of early warning signals. Some of the frauds are reported to have been committed by staff.
Public sector banks offer a wide variety of services for its customers. But these services are not up to the mark. Customers have to run from pillar to post to address their grievances.
Although the bank premises are up-to-date, not a single PSU bank has secured a position in top 10 charts of service standards, as shown by the BCSBI.
Although Indian banking system is the best in the world we cannot point out any single bank which provides the best services.
Privatization of State-owned banks is a crucial to get the Indian banking sector on the path to recovery.
