In criminal law, fraud is associated with deception and trickery; nonetheless, banks consider any diversion of funds to be fraud. In consideration of this, there is an ongoing discussion about a change in definition of ‘fraud.'
All high-street banks will band together to lobby the Reserve Bank of India (RBI) for a revision in the definition of "fraud." When one lender places a fraud tag on a borrowing company, all banks must designate the company and all of its accounts as 'fraud account...
