Monetary frauds are global; I mean they take place in all countries. The volume or bulk though is different depending on how serious the regulations in every country are. From a citizen’s viewpoint, frauds are undesirable but politicians, corporations and financial institutions view them with different paradigms. The result, passing the buck of frauds to different agencies, on different forums, in different times based on which political party is current. The media takes the cake by feeding us a completely distorted picture. Why? Since they too have received their quota of freebies or favors in different forms and from different people.
The motivation to circumvent frauds
The digitization trends and efforts in India
The financial breakdown
What contributed to this mess?
Have a re-look
What can we do now?
An example of Aadhaar project
There are many projects we can talk about but let us take the Aadhaar project, a system designed by my Alma mater colleague from IIT Bombay.