How To Combat White Collar Crime and Financial Frauds Ranganathan V 3 We have seen an avalanche of corporate frauds since the outbreak of the IL&FS (Infrastructure Leasing & Financial Services) scandal in October 2018 and the aftermath is sitting as muck and filth (euphemistically termed non-performing assets, NPAs) in the books of banks and non-banking financial companies (NBFCs). The estimate is a mind-boggling sum and is far in excess of a full year’ revenue of the Central government.
Strangely, neither the Budget nor the Economic Survey that preceded it gave a full picture of this. The Reserve Bank of India (RBI)’s report on the financial sector did put out projections under different scenarios. None of the scenarios assumed provides any comfort on the figures.