The business sector is worst hit when a scam or fraud hit bank suspends or stops operations. Companies that hold accounts in the scam-hit bank are affected since they might be unable to operate their accounts for regular transactions.
Hence, they’re unable to pay suppliers or receive money from customers unless they have secondary Current Account at some other bank.
As a result, a business might find itself unable to pay salaries or even rent for their offices or other facilities.
If we look at the broad picture, a bank scam or fraud affects the entire Indian society directly or indirectly.
How? Continue reading. I’ll show you with facts and figures how bank scams affect us.
Hence, they’re unable to pay suppliers or receive money from customers unless they have secondary Current Account at some other bank.
As a result, a business might find itself unable to pay salaries or even rent for their offices or other facilities.
If we look at the broad picture, a bank scam or fraud affects the entire Indian society directly or indirectly.
How? Continue reading. I’ll show you with facts and figures how bank scams affect us.
