Page 35 - Banking Finance February 2024

ARTICLE

NEED FOR

CORRUPTION

FREE BANKING

IN INDIA

is discouraged and small businesses within the country often
Introduction:
find it impossible to overcome the "start-up costs" required
Corruption is dishonest behaviour or abuse of entrusted
because of corruption.
power for private gain. It starts with the tendency of using
public office for some personal benefit, implies the failure Corruptions can be in many forms:
of ethics and erodes trust, weakens democracy, hampers
Extortion: It is the use of threats or coercion to obtain
economic development, undermines democratic institutions
money or favours
slows economic development, contributes to governmental
Nepotism: It is the awarding of jobs and promotions
instability and further exacerbates inequality, poverty, social
based on family relationships
division and the environmental crisis. Corruption is a complex
social, political and economic phenomenon that affects all Cronyism: It is the favouring of friends and associates
civilisations and attacks the foundation of democratic Fraud: It is the intentional misrepresentation of facts
institutions by distorting electoral processes, perverting the Money laundering: It is the concealment of illegally
rule of law and creating bureaucratic quagmires whose only obtained funds
reason for existing is the soliciting of bribes. Economic
Embezzlement: It is the misappropriation of funds
development is stunted because foreign direct investment
Misuse of funds: It is the unauthorized use of funds
Bribery: It is the act of offering, giving, soliciting, or
About the author
receiving of any item of value as a means of influencing
Dr. Deepak Kumar the actions of an individual holding a public or legal duty
Senior Manager (Research) Influence peddling: the use of position or political
Union Learning Academy, Credit & Policy influence on someone's behalf in exchange for money
Union Bank of India, Lucknow
or favours

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