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E-banking frauds and Indian legal prospective

Information technology became a part of every sphere of human being life. Due to the globalization, privatization and liberalization of the world banking sector also influenced and create a competitive environment among them. To survive in this environment banks uses now a days information technology and create a new business revolution. The information technology has played a major in improving the banking services. Indian banks also go through distinctive changes.

The information technology gives the remedy for all the remedies for solving the problem relating to banking sector today. The increasing rate of transaction among the countries also creates challenges and problems in the banking sector. So the banking through the electronic medium helps in providing a better way for easier transaction and time saving for the people.

The term e-banking means the entire sphere of technology initiatives that has taken place in the banking industries. In general e-banking means using the electronic channel through telephone, mobile phone and internet etc. for delivery of banking service and product. The traditional mode of banking system changes with time earlier it was very time consuming and very complex to understand easily by the general people. But today the people can sit in the home using through the electronic medium one can get the banking services. The e-banking provides various banking services like online access of account, online fund transfer, online bill paying etc.

In India the concept of e-banking is recent origin in India. The traditional using mode of banking facilities is branch banking system where people getting the banking facilities and services. In early 1990's the concept of non-branching banking facilities started in India. The old manual and traditional system of banking facilities has very less practiced today. The credit of introducing the e-banking system in India goes to the private banks like ICICI, HDFC, and Citibank etc. who followed the internet banking system and establishes it as a path of today's online banking facilities.

The government of India and Reserve bank
Definition of Bank:
The bank is an establishment which deals in money, receiving it on deposit from customers, honouring customer's drawing against such deposit on demand, collecting cheque for customers and leading or investing surplus deposits, until they are required for repayment.[1]

Sir John Paget states:
A bank or banker is a corporation or person (or group of persons) who accepts money on current account, pays cheque drawn upon such account on demand and collects cheques from customers.[2]

Bank is a financial institution engaged in the accepting of deposits of money, granting of credit (by loan, overdraft, etc) and other transaction such as the discounting of bills, dealing in foreign exchange, etc.[3]

Fraud:
Fraud is not defined in the Indian penal code 1860 directly but it has mention the term fraud in the Indian penal code 1860 in the section 420.

In India, the Banking Regulation Act,1949 is the primary law that regulates the working of the banks, but it is to be noted that the Act does not provide for a precise definition of the term bank, rather only puts a prohibition on the companies carrying on any business other than banking business to use the word bank, banker or banking. However the term banking [4] and banking company[5] have been defined under the Act, which in a way helps us in understanding the definition of the term 'bank'.

In today's modern world , banking frauds have become a common phenomenon. The general public deposit their money in banks mainly for security purposes and not merely for the minimal rate of interest provided by the banks, but whenever frauds occur at banks, the trust of the general people are broken. Nowadays, hardly a day passes when incidents of banks frauds and forgeries are not reported on newspaper and such frauds may range from theft, robbery, frauds relating to debit card and credit card and frauds committed through internet especially in instances of internet banking.

Any type of fraud that is committed in the banking system can be termed as banking fraud in its broadest sense. Such frauds may be perpetrated with accounts loans, securities or any other banking services and may be committed by the employees of the bank, customers, outsiders as well as by the bank itself may perpetrated such offence and an usual term to refer all such kind of frauds is banking fraud and embezzlement, breaking of trust, theft, cheating, forgery and conspiracy are some of the ways in which such frauds are perpetrated.

In simple words, with the passage of time, the increasing significance of the operation of the bank have led to the increase in the occurrence of frauds in the banking sector in India while carrying out various banking transaction. These are ambiguities in the existing structures and procedures relating to banking system and the fraudsters take advantage of such ambiguities and commit frauds in the bank by adopting surreptitious and nifty methods . in fact, number banking frauds India are increasing at such an alarming rate that it is quickly turning into a threat for the country as well as have a negative effect on the business of banking. Therefore, it is posing as a great evil for the nation which needs to be curbed as soon as possible for the overall development of the country and its people.

Thus, for controlling the threat posed by banking frauds and forgeries, the fraud prone areas, fraudsters' method and ways of committing frauds and the vigilance methods adopted by the authorities need to be essentially known. Moreover with the advancement of science and technology, everyone has become dependent on the internet and the practice of e-banking is also becoming very prevalent and with the rapid dependence on internet.

In India, through the Indian penal code 1860, does not define the term fraud specifically but it define the term fraudulently and dishonestly and also describes the offence of cheating, forgery etc. which in a way can be referred to while discussing about bank frauds as these offences to some extent contain the element of fraud within them.

Statement Of Problem

The electronic banking is now practiced by most of the banks of the countries. India is also practiced it for better service facilities and easy access of banking facilities. Due the increasing rate of the e-banking the problems and crimes related to the e-banking are not sufficient enough. The financial sectors operation that are important for the economy of a country are being driven by the banks are engines. Banks from a very crucial part in the economic development of any country.

With an increase in the operations of the banking sector, there is also increase in the number of banking frauds and simultaneously. Fraud in the Indian banking section is not a new event. The Information Technology Act 2000 gives only validity to it, not any clear and specific provision relating to e-banking. The security issues relating to e-banking are increasing and create problems in providing services to the people. The unauthorised access of the banks account by the criminals and other problem relating to it are not getting the proper remedy to the people.

Aims And Objectives:

The main aim of the this seminar topic is to
Study the laws relating to the e-banking in Indian and frauds and their prevention relating to it.
The objectives of this seminar paper are:
  • To understand the development of e-banking in India.
  • To understand the types of banking frauds and the areas in which frauds are committed in banks.
  • To analyse the legislative framework that prevents banking frauds in India.
  • To know the role played by the Reserve Bank of India in e-banking.
  • To highlight the various security issues relating to the e-banking in India.

Scope And Limitation:

The scope of the research paper is to analyse the scope to the e-banking and their frauds relating issue in Indian banking. In this seminar paper researcher study the e-banking concept in Indian legal prospective. The researcher has limited the study to analyse types of banking frauds, legislative framework and the vigilance system adopted by the Indian banks. Further, within the vigilance system, the researcher shall only deal with Reporting of frauds to Reserve Bank of India and briefly touch upon the monitoring mechanism.

There is no scope of field research in this research paper. The paper has a limited scope due to the concepts being clearly defined in terms and application by the courts in the cases

E-Banking And It's Payment System Methods

There are various changes has taken place in India banking sector. Information technology is one of the changes of banking sector and it influences the way of interaction between the customer and the banks. In electronic banking the channels and products are available in ATM's cards, internet banking and mobile banking offered along with the traditional branch banking system.[6] The transaction of money and business relation among the countries increases with times.

The people getting attracted the banking through the electronic means. Now a days they can transfer their money where and when they wish to and banks has the duty to meet the expectation of the customer. Today for the banking services one has to connect the plug into the host of banking services from his personal computer and using varieties of banking services at home.

Meaning Of E-Banking

The term electronic banking means an electronic fund transfer by simple using the electronic means from one account to another account rather then by cheque or cash.[7] As the name electronic banking also provides some advantages over the traditional banking methods. E-banking can also be defined as delivery of banking services to a customer at his office or home using electronic technology. The term electronic banking is a general term. It includes internet banking, telephone banking and mobile banking. The concept of e-banking is evolving day by day. Electronic banking services allow a bank customer and stakeholders to interact and transact with the bank seamlessly through a variety of channels such as internet, wireless devices, ATM, online banking etc.

History Of E-Banking:

The concept of e-banking is evolved with the development of the world wide web. Some person while working on the banking databases came up with the idea of online banking transaction in 1980s. Online shopping, a credit card also promotes the concept of online banking.

In India e-banking is a new concept. The traditional banking system in India runs through the branch banking system. In the year of 1990 the non branch banking system started.[8] The new concept of e-banking system gain popularity over the old traditional manual branch banking system. The credit of launching the new technology in banking system goes to the private bank like ICICI bank. Citibank and HDFC bank who introduces the internet banking in 1999.[9]

The Government of India and Reserve Bank of India have also taken the initiatives in the development of e-banking in India.[10] The government of India enacted the Information Technology Act,2000 which recognizes the electronic transaction and other means of electronic commerce.[11] The Reserve Bank of India monitoring and reviewing the legal and other requirement of e-banking on a continuous basis to ensure that e-banking would develop on sound lines and e-banking related challenges would not a pose a threat to financial stability. [12] The private banks introduce new schemes, technologies for the people and make a competition for the public banks.

Forms Of E-Banking:

There are various forms of electronic banking they are:
  • Automated Teller Machine (ATM)
  • Tele Banking
  • Smart Card
  • Debit Card
  • E-Cheque
  • Other Forms of E-Banking
  1. Debit Card: Debit Card are looks similar to the credit card or ATM card but can operate as cash or a personal check. Trough credit card and debit card look alike but there are certain differences between them. In credit card there is a way to pay later but in debit card there is a concept of pay now[13].
  2. E-cheque: it is a electronic version of paper cheque and a representation of traditional cheque making system.
  3. Other forms of e-banking: there are also other forms of electronic banking they are direct deposit, electronic bill payment ,electronic check conversion, cash value stored etc.

Advantages And Disadvantages Of E-Banking:

The electronic banking has a various advantages than the traditional banking system which is simple and convenient for the users.

The advantages are:
  1. Electronic banking is easy to open and operate by general people.
  2. One can easily pay their bills and transfer their money without any problem. Because of this people don't have to stand in long queue and keep their receipt safely as transactions are viewed by the person at anytime.
  3. The electronic banking is available at anytime because it is open 24 hours. People can access their account from anywhere at the night time and holidays also.
  4. The E-banking is fast and efficient and people don't have to waste time and can handle several accounts through internet banking.
  5. In electronic banking the person can keep eye on his transaction and account balance. Through this one can secure their accounts.
  6. Through E-banking bank can endorse their schemes and services to the people and people can aware of the new services.

There are also certain disadvantages of E-banking system. They are:
  1. Through the e-banking is easy to handle by general people but the people who don't know the how to use the internet, it can be difficult to run them. Some banks provide demo for the beginners but not the all the banks.
  2. For online-banking people must have an internet connection for access the account without internet there is no e-banking facilities available.
  3. While transacting the money from one account to another account the security is the big issue, sometimes the information might get hacked by unauthorised people
  4. In E-banking password security must be there without it the account can be misused by the people.[14]
  5. When the server of the bank is down one can't access his account.
  6. Sometimes it is difficult to know if the transaction are done successfully or not due to the slow down of the net services. People have to remain in the state of doubt which is convenient and which is not convenient.

Frauds In The Indian Banking Sector

With the passage of time, the number of frauds are committed in a bank are increasing at an alarming rate in India. When one person tries on intends to dishonestly take advantage over another, then that person are said to have committed fraud. In other words the commission or omission of any act causing wrongful gain or loss by way of suppression of relevant facts or otherwise can be termed as fraud. Recently in India there are two major banking frauds that shook the nation:
  1. Vijay Mallya Case
  2. Nirav Modi Case
In India fraud is defined under section 17 of the Indian Contract Act. In Derry v Peak[15], it was observed that, when knowingly or without believing in the truth or recklessly any false statement is made, then it can be termed as fraud and when a false statement is made by a person who knows it to be false, then it is known as false misrepresentation.

Similarly, in the case of Shri Krishna v Kurukshetra University, Kurukshetra [16], the Apex Court held that for constituting fraud, it is essential that one who makes a false statement must be aware that the statement that he or she is making is false and the party against whom the fraud is committed must not be aware of the correct circumstances.

The important elements of fraud are: there has to be representation and affirmation in relation to a particular fact; the person makes a false statement must be aware that the statement that he or she is making is false and it must persuade the other party to commit or omit an act in accordance with the affirmation in question.

Thus, banking fraud is an outcome of transactions wherein one party by fraudulent or dishonest means wrongfully gains and the other party wrongfully loses. Traditionally, misappropriation, scams, manipulation etc constituted banking frauds but with the coming up of technology, there has been expansion in the institutions involved in the banking business.

On the other hand, with regard to forgery, the Indian Penal Code defines forgery under section 463.[17] One can be said to commit forgery if he/she with the intension to cause damage or injury makes any false document. In order to constitute forgery, the intension of the one who is committing such act must make the document with an intension that is fraudulent or dishonest.

In the case of CBI v Vikaram Anantrai Doshi and others[18], it was observed that banking frauds cannot be put in the same category as individual or personal wrong, but rather it is a social wrong, having impact on the society and if any person including the officers of a bank while obtaining loan commits the criminal offence of defrauding someone during the process, then he/she liable for any criminal proceedings initiated against him/her and such proceedings are indisputably maintainable under law.

Types Of Banking Frauds:

In the banks, the frauds can be committed in different departments, for instance in the cash department, current accounts departments, saving accounts department, credit card departments etc.

In the case of State Trading Corporation Of India Ltd v M/S Millennium wires (P) Ltd and others [19] , it was observed that the verity that there is existence of Fraud in itself is not sufficient, but what is important is that the notice of such fraud to the bank must be proven. There are different areas in which frauds can be committed in banks: for instance counterfeiting of cheque or bank drafts: alteration of cheque; forging of signature on cheques or other instruments etc. Some of the types of frauds committed in the banks are enumerated below.

Theft:

Theft can be defined as a criminal activity in which one party takes the property belonging to other without the other party's consent. Under the Indian Penal Code 1860,  whoever intending to take dishonestly any movable property out of the possession of any person without that person's consent, moves that property in order to such taking, is said to commit theft[20].

The banks deal with one of the most alluring movable property i.e the money which is very different from other movable properties because in the currency form money is very difficult to be traced. In cases of theft in banks the perpetrators may be insider in the form of bank employees or may be outsiders.

Robbery:

Robbery basically means forcibly taking away goods or money of any value from a person by way of violence or by subjecting him/her to any fear. The aggravated form of theft or extorsion is referred to as robbery under the Indian Penal Code[21]. Robbery comes within the categorization of banking frauds because it leads to fraud commitment against the customers as a result of wrong committed towards the whole banking institution as a whole.

Embezzlement:

To 'embezzle' means to divert (money etc) fraudulently to one's own use[22]. Bunko Bankers are basically referred to as embezzler under the concept of banking frauds.
The term embezzlement can be explained under different categories such a criminal breach of trust, in a particular and under cheating, misappropriation of property, theft under the Indian Penal Code 1860.

Frauds Relating To Deposit Accounts:

One of the primary role of banks is to accept deposits of money from the public. The deposit accounts can be of various types depending on the purpose behind opening of such account and the most popular ones are fixed deposit accounts, saving bank accounts and current accounts. There can be different types of banking frauds committed with respect to deposit accounts like using of a dormant accounts fraudulently or forging signatures on joint accounts or manipulating depositor's passbook etc, and it can be committed by various perpetrators like customers, outsiders or even the bank employee themselves.

Frauds are also committed in the current accounts department of a bank. The business enterprises normally open up current accounts as interest need not be paid on the amount lying in the account. Thus the current account should not be opened unless there is a proper check done the veracity and genuineness of the proposed customer.

Frauds committed in the fixed deposit department can take different forms. One way of committing such frauds is when other staff members receive cash from their friends or acquaintances for depositing their money but those staff members, by issuance of fake fixed deposit receipt misappropriates the money and even make unauthorised entries in the customer's passbook. Moreover, the staff members of the banks also sometimes withdrawn large amount of money by obtaining blank signed withdrawal forms from the account holders who are mostly illiterate and misappropriates the withdrawn amount for their own personal use.

Frauds In Bills Purchased And Discounted:

By way of purchase or discounted of usance, credit facilities are granted by the banks to their customers. The customers are provided credits by the banks by way of cash credit and bill accounts but frauds are committed in these transitions. In this frauds are committed in various ways.

Frauds Related To Loan:

The bank officers commit fraud is granting advances to the parties as a result of which a lot of advances are converted to non performing assets. A lot of cases are there where more than one person use the same property as security for getting loan or after taking loans, the borrowers disappear or where loans are taken by bogus firms or where loans are not used for the purpose for which they were taken or hypothecated goods are sold without any authorization or where the same goods are hypothecated to more than one bank or where profits are misappropriated from the sale of securities or where loans are granted against inadequate security.

Frauds By Way Of Forgery:

Section 436 of the Indian Penal Code treats forgery as an offence as discounted earlier. Frauds can be committed by way of forging someone's signature or by virtue of forged documents. It can also be committed by forging currency, thumb impression and by forging seals and stamps.

Perpetrators Of Banking Frauds:

It is a well known fact that frauds in the banking sector can be perpetrated by the customers or strangers or the staff of the bank or sometimes by the bank itself.

One of the greatest worry for the banking institutions have been banking frauds committed by the employee of the bank. In the case of Allahabad Bank v. Deepak kumar bhole[23], the Apex court was of the opinion that when an employee of a bank that deals with the money of the general public involves himself/herself in the commission of forgery and the withdraws money from the bank wrongfully without authorization , then it can be said that he/she has committed a grave offence involving moral turpitude.

Thus, the measure that can be adopted to prevent commission of frauds and forgeries by the bank employees are they should be rotated, more than one person should be involved in a particular transaction, less amount of cash should be involved in a particular transaction, less amount of cash should be kept at banks, proper care should be taken in manipulating passbook or dormant accounts should be dealt carefully and also each and everyone should be cross-checked during a transaction.

Frauds in the banking sector are also committed by the customers. Loans frauds are one of the common types of frauds committed by the customers. A part from this giving inadequate security, using same security for taking two or more loans, intentionally shunning away from repayment are some of the ways in which employees of the bank commit frauds. To stop such frauds, proper steps must be taken like Know Your Customer (KYC) norms should be adhered to; on account of opening any new account, all the customers must be properly verified ; cheque should be cleared with utmost care, etc.

Legislative Framework

In India E-banking is recent origin although this fact maximum number of bank provides the facilities like account accessibility, information, etc. With technological advancement new policies and schemes are making by the banks and governments and RBI for e-banking. The information technology now days rapidly changing and its ambit became bigger with times. India has also adopted the information technology and coup up with banking laws.

Banks frauds are an evil in today's modern age that happens the economic development of any country. Therefore, in order to prevent such frauds in the banking sector, the legal system needs to be robust. In India, there is no specific legislation that deals exclusively on banking frauds, but there are many general legislation that somehow one way or the other deal with banking frauds. This chapter analysis the provision of some important general legislations that deals with banking frauds.

The Indian Penal Code 1860:

The Indian Penal Code does not define the term 'fraud' exclusively and nor does it categorises banking fraud as a distinct offence. However, there are certain provision in the act which are attracted in banking fraud cases.

Counterfeiting coins[24] or Currency Notes[25] are considered as offence under the Indian Penal Code and it can be said to be an instance of fraud committed. Further, Chapter XVIII of the Code can be said to contain provisions relating to banking frauds wherein section 378 [26] and section 379[27] states about theft and its punishment respectively.

The Indian Contract Act 1872:

Section 10 of the Indian Contract Act states what agreements are contracts. As discussed above, there exists a contractual relationship between a banker and the customer. Hence, it can be said that the Act will be applicable to some extend in dealing with banking frauds in India.

Section 16 of the Act states about under influence which can be in a way can be cathegorised as a lesser degree of fraud. Section 17 of the Act deals with the concept of fraud elaborately and section 18 deals with misrepresentation. In Oriental Bank Corporation v. John Flentming[28], the court analysed the concept of constructive fraud.[29] Further section 19 states about voidability of agreements without free consent.

Banking Regulation Act, 1949

The Banking Regulation Act,1949 does not deal with banking frauds directly and therefore one hardly thinks about applying the provision of this Act in dealing with banking frauds. However the provision under this Act somewhat helps one in understanding the operations of the banking business which in turn might help in understanding the reasons behind occurrence of banking frauds.

The Information Technology Act, 2000

The IT Act 2000, along with amending the Indian Penal Code to bring within its scope conventional offences committed electronically, has also created:
a new breed of technology offences, the prevention of which are incidental to the maintenance of a secure electronic environment for e-banking and for prevention of banking frauds and forgeries. Section 94 of the Act also amended certain provision of the RBI Act, 1934. Digital forgery, unauthorized access to computer network, data alteration, skimming and online identification theft and impersonation are some of the ways banking frauds are perpetrated in the online world.

Role Of Reserve Bank Of India In E-Banking:

The Reserve Bank of India [30] plays a big role in giving recognition of e-banking in India. The transaction like Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) and other forms of fund transfer to facilitate the electronic fund transfer and ensure the legal admissibility of documents and records. Reserve Bank of India exercises the electronic payment system Electronic Cleaning Service (ECS) and Electronic Fund Transfer[31](EFT) which are introduced in 1995 and RTGS system in 2004, NEFT system in 2005 and cheque transaction system in 2008[32].

The Reserve Bank of India also issued guidelines on security issue and risk mitigation measures relating to card present transaction. In this circular RBI has taken measures to secure card not present transaction and making it mandatory for banks to put in place additional authentication or validation for all in one recurring transaction based on information not available on the credit or debit or prepaid cards.

RBI also directed the banks and other stakeholders to initiate immediate action for accomplishing the following task within reasonable time. It also gives regulation to the commercial banks of India relating to the implementation of fraud risk management practices and securing the technology infrastructure. With the banking laws Amendment Act,2012 RBI has the power to for any information and cause inspection of business of any associate enterprise of the bank.

It also provided the legal framework for setting up bank holding companies and paves the way for issue of new banks licence. The RBI has been issuing many guidelines and regulation to the commercial banks on information technology, electronic banking and technological risk management and cyber frauds.

Conclusion
In India e-banking is in the initial stage. The banks are making proper efforts to adopting the new technology in its services and products to provide benefits to the people but they have long to go. Banks through advertisement their services popularize their products and people can aware of the new schemes and policies without any problem. The new generation is getting used to it and maximum of their work relating to e-banking is done instantly through internet banking. With time e-banking became one of preferable mode of banking. The e-banking is also cost saving and time saving and provide relevant adequate information.

The banks are obligated to maintain the secrecy of the customer accounts and RBI also provides regulation and guidelines for reducing the risk of hacking. But sometimes it has seen that the banks did not take the guidelines seriously and became of which people has to suffer. So, RBI should keep eye on the banks and appoint a professional expert relating to ensure that banks are using the new technologies. The person should inform the matter related to the banks to RBI regularly.

In today's modern world banking frauds have become a common phenomenon. The general public deposit their money in banks mainly for security purposes and not merely for the minimal rate of interest provided by the banks, but whenever frauds occur at banks, the trust of the general public is broken. Nowadays, hardly a day passes when incidents of banks frauds and forgeries are not reported in newspaper and such frauds may range from theft, robbery, frauds relating to debit card and credit card and frauds committed through internet especially in instances of internet banking.

Any type of fraud that is committed in the banking system can be termed as 'banking fraud' in its broadest sense. Such frauds may be perpetrated with accounts, loans, securities, or any other banking services and may be committed by the employee of the bank, customers, outsiders as well as the bank itself.
Bank frauds are an evil in today's modern age that hampers the economic development of any country. Therefore, in order to prevent such frauds and forgeries in the banking sector, the legal system needs to be robust.

In recent years, the banks have shifted their vision from socio banking to profit earning. Although there have been several advantages because the business has been expanding, but along with it, the public sector banks have witnessed many disadvantages. There has been increase in the number of banking frauds that are committed with the help of the bank employees and as a result, it has led to the introduction of vigilance system in the banking sector in India.

In India, there is no doubt that there are a number of legislation that somehow helps us in preventing banking frauds. But the irony is that there is no specific legislation that deals exclusively on banking frauds and forgeries. In order to understand as well as prevent banking frauds in India, reliance is always placed on the Indian Penal Code,1860. The Indian Penal Code does not define the term fraud exclusively and nor does it categorises banking fraud as a distinct offence.

Therefore, some of the suggestions that the researcher would like to put forward are that since the banking frauds are rapidly increasing, therefore the need of the hour is to have a legislation addressing specifically the issue of such fraud that can also address all the issues that have arisen with the technological development in the 21st century. Moreover, awareness should be spread among the common mass about the existence of banking frauds and forgeries. Thus, these some of the issue arising with changing times that needs to be addressed in the existing Acts through amendments or a new law regarding the same should be legislated along with the effective implementation of the existing legislations.

End-Notes:
  1. Dictionary of Banking by F.E. Perry.
  2. Quoted in Law of Banking by Dr. S.R Myneni, First Ed,2006 p. 19 [Asia Law House, Hyderabad].
  3. Dictionary of Law by L.B.Curzon , 4th ed , 1993
  4. Section 5(b) of the Banking Regulation Act,1949 states banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawal by cheque, draft, order or otherwise
  5. Section 5(c) of the Banking Regulation Act,1949 states banking company means any company which transacts the business of banking in India;
  6. https://en.wikipedia.org/wiki/Online_banking accessed on 11/12/2019 at 10 AM
  7. https://en.wikipedia.org/wiki/Cheque accessed on 11/12/2019 at 10:16 AM
  8. Ibid
  9. Ibid
  10. Ibid
  11. Ibid
  12. (1889) 14 AC 337.
  13. AIR 1976 SC 376.
  14. Section 463 of the IPC states: whoever makes any false document or false electronic record or part of a document or electronic record, with intend to cause damage or injury, to the public or to any person or to support any claim or tittle or to cause any person to part with property, or to enter into any express or implied contract, or with intend to commit fraud or that or that fraud may be committed, commits forgery.
  15. 2014 SCC SC 745.
  16. ILR (2014) 2 Del 1045.
  17. Section 378 of IPC,1860.
  18. Section 390 of IPC, 1860.
  19. THE OXFORD ENGLISH DICTIONARY 395 (15th ed. 1964).
  20. 1997 ISJ (Banking) 337 SC.
  21. Section 231 of the IPC deals with Counterfeiting coins.
  22. Section 489-A of the IPC deals with Counterfeiting coins of currency notes
  23. Section 378 of the IPC states that whoever intending to take dishonestly any movable property out of the possession of any person without consent, then the person is said to be commit theft.
  24. Section 379 of the IPC states that whoever commits theft shall be punished with imprisonment of either description for a term which may extend to 3 years or fine or both
  25. (1879) 3 Bom. 242,287.
  26. In this case it was observed that  this clause is probably intended to meet all those cases which are called in the court of equity – cases of constructive fraud, in which there is no intension to deceive, but where the circumstances are such as to make the party who derives a benefit from the transaction equally answerable in effect as if he had been actuated by motives of fraud or deceit.
  27. Under the Reserve Bank Of India Act, 1934, 'Bank' means Reserve Bank of India constituted by this Act.
  28. https://en.wikipedia.org/wiki/Electronic_funds_transfer accessed on 20/12/2019 at 11P.M.
  29. https://www.researchgate.net/publication/279753172_About_legal_framework_of_e-banking on 20/12/2019 at 11P.M.

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