Analyzing Frauds in Banking Sector and Impact of Internet Banking on Its Customers: A Case Study of Bank of Maharashtra

Banking fraud became an important issue in India as there were several examples of such misconduct within recent years. This research aims to identify frauds in Indian banking sector along with impact of internet banking on consumers with particular focus on bank of Maharashtra. In the introductory part of the paper, number of fraud activities in Indian banking sector along with its relevance are discussed including significance of internet banking in today’s world. In the literature review part, two themes are selected and analysed which are fraud cases in Indian banking industry and evolution of internet banking in India. For both these themes, data collected from previous studies and presented with critical evaluation. The research methodology section has included research philosophy, research approach, research design as well as methods & sources. Pragmatist research philosophy, inductive research approach and descriptive research design are selected for this particular study. The sources mentioned in the methods & sources section from which the selected articles and publications are gathered. The results and discussion section has mentioned different fraud cases of Bank of Maharashtra (BoM) including details of those cases. Moreover, the evolution of internet banking and BoM’s approach to implement internet banking are discussed in the next part of the results and discussion. Finally, the major reasons of frauds in Indian banking sector are concluded in the paper along with future scope of the research. At last, several strategic recommendations for government and banking institutions are presented, introducing which can help to deal with fraudulent activities through more appropriate way.