With the rising number of banking frauds, what changes to corporate governance structure of banks do you suggest to tackle it?

Topic:  corporate governance.

6. With the rising number of banking frauds, what changes to corporate governance structure of banks do you suggest to tackle it? (150 words)

Difficulty level: Tough

Reference: The Hindu

Why the question: The biggest banking scam in India has come to the forefront in the midst of celebrations of ‘Aazadi Ka Amrit Mahotsav’; in this case, Dewan Housing Finance Corporation Limited (DHFL) has hoodwinked a consortium of banks driven by the Union Bank of India to the tune of ₹35,000 crore through financial misrepresentation.

Key Demand of the question: To write about changes needed in t4he corporate governance of banks to prevent frauds.

Structure of the answer:

Introduction: 

In the introduction, give context of rising bank frauds.

Body:

First, write about the reasons as to why these banking frauds occur.

Next, mention the changes needed in the corporate governance structure of banks to prevent these frequent scams and frauds.

Conclusion:

Conclude by summarising.