#ScamsGalore – Here Are A Few Safe Saving Options

Bank Deposit Safety
Image Concept: Manjiri Jayesh


Come morning and most newsfeeds have the same headline staring at you. Yet another financial scam has been unearthed.  

But not before, some smart businessmen has hoodwinked several banks and others and fled our shores. The recent Nirav Modi scam amounting to INR 11,300 crore not just shook the government and the banks, but has severely impacted the small investor who works with his or her hard earned savings.

A pall of gloom has descended on the salaried class and senior citizens who are questioning the safety of the banking sector and the corporates that accept public deposits.

According to a recent report, on an average atleast one banker is caught and punished for involvement in fraud every four hours in an analysis of data compiled by the Reserve Bank of India. Reports suggest that the Indian Overseas Bank and Central Bank of India found 449 and 406 insiders guilty of fraud and mis-management of funds. 

So, what safe option does the common man have now ? Should he invest or not?

And if so, where and how ? These are a few basic questions that citizens seek answers to…

We at Pune365 decided to speak to experts and finance professionals on their advise on secure investments and saving options, keeping the common man in mind.

People should still invest in banks fearlessly; One scam does not make all the banks corrupt.

“Talking about the PNB case, 16 auditors were changed from 2011 but none could figure out the scam. This clearly signifies that insiders were involved and assuming all the banks are unsafe, is not appropriate. One should not invest till march as the market is volatile now, and investors should wait till the end of march for Investing” opines Nitik Agarwal,  Chartered Accountant.

1. Mutual FUNDS .
3. DEBENTURES,mostly in government bonds as the returns are secured.
4. INVEST in large sound companies, the likes of a TATA

“It is definitely still a good option to invest in banks. Now, scams are being unearthed, so the norms of the government and banks will be stricter now. People are more aware now and will invest carefully. Also people should not stop investing as the economy will fall even more as their will be no money in the economy to circulate.

The only measure one should take, is to be aware of what’s happening around and about the company they’ll be investing in,” says Love Shah, Student pursuing MBA- finance.

“A Bank is always a safe option, as all these banks are under the RBI and in case of any loss, the individual banks are bound to pay them. Keeping the scams in mind, yes, its a big loss of trust and money for the society, but judging the entire banking system will be wrong.

Also, I advise people not to invest till 31st march, as the market will crash again and one should hold back their money and wait to see, how the financial year ends, opines Harshit Ahuja, Bank Manager.

“Banks are always a good option. Scams like these happen in the market, especially in the fiance industry. We are only aware of the cases media throws light on.

“It is quite normal for the market to go up or down, irrespective of any scams. Every sector takes a hit at some point of time so ideally, people should keep on investing but only 50% of their amount and keep 50% for these times of uncertainty. A person must know when to invest and for how long opines,” Subhasish Ghosh SR.Specialist, Bank of Newyork Mellon.


#All views expressed in this article are those of the individual respondents and Pune365 does not necessarily subscribe to them. 

Riya Kalwani

Riya Kalwani

Poetess, Dreamer, Free soul and a writer who is living to write her story in a better way. Dogs and cheese makes me happy.
Riya Kalwani