4 Biggest Banking And Market Scams Of India

4. Agriculture Loan Waiver, 2013

The UPA government has initiated impel to "reverse" the farm loan waiver argued by a huge number of ineligible beneficiaries as part of the 52, 000 crore scheme. The scheme was offered by the Centre in the year 2008-09 just prior to the national elections to help troubled farmers getaway the debt trap.

After the alleged action was detected by CAG, PM assured "stringent possible action" against those who are at fault if indiscretions are found. The incident got noticed only this year after the report was presented in the Parliament in budget 2013.

The investigation by the Comptroller and Auditor General revealed that many farmers who are not eligible to avail the scheme made use of the benefits by presenting forged documents during the last general elections.

While taking the regulatory actions RBI ordered banks to fix the accountability, ensure recovery if there were excessive payments made and also to take strict actions against officials who failed to detect the irregularities.

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