Strategic Consultant
In the banking world, auditors play a critical role in maintaining financial integrity, bringing tension and unpredictability. Senior Branch Manager Mr. Mathur shares humorous anecdotes from his lengthy career, emphasizing the balance between compliance and auditor appeasement. A recent rigorous audit revealed the importance of keeping auditors engaged to ensure smooth resolutions, highlighting the human side of finance.
India is experiencing a surge in digital fraud, predominantly in financial scams, with 4.78 million cybercrime complaints recorded as of August 31, 2024. A phone hacking scam in Ranchi serves as a stark reminder of how routine interactions can become vehicles for financial crime. The victim was one of my friends and an ex-banker. His swift actions have restricted his losses to one unauthorised debit. The launch of an online 'suspect registry' by the Indian Cyber Crime Coordination Centre aims to combat this growing threat. Vigilance, verification of communications, and swift response are crucial in preventing such scams.
Economic sanctions on Russia have highlighted the US dollar's power and the risks of heavy reliance on it, fueling discussions about China's Renminbi (RMB) as a global reserve currency if Beijing loosens its grip on the economy. Over 70 central banks hold RMB, and its popularity for international transactions is growing. China must open its markets, ensure currency stability, refrain from manipulation, and develop a mature financial system to boost RMB's global role.
Indrajit Roy Choudhury 