Corruptions can be in many forms:
Extortion: It is the use of threats or coercion to obtain money or favours
Nepotism: It is the awarding of jobs and promotions based on family relationships
Cronyism: It is the favouring of friends and associates
Fraud: It is the intentional misrepresentation of facts
Money laundering: It is the concealment of illegally obtained funds
Embezzlement: It is the misappropriation of funds
Misuse of funds: It is the unauthorized use of funds
Bribery: It is the act of offering, giving, soliciting, or receiving of any item of value as a means of influencing the actions of an individual holding a public or legal duty
Influence peddling: the use of position or political influence on someone's behalf in exchange for money or favours
The Corruption Perceptions Index (CPI) released by Transparency International is the most widely used global corruption ranking in the world. It measures how corrupt each country's public sector is perceived to be, according to experts and business people. As per Corruption Perception Index (CPI) 2023, India is on 85th rank out of 180 country with score of 40 out of 100.
Causes of Corruption:
Lack of Transparency
Lack of accountability
Actions and decisions are shielded from public scrutiny
Weak Institutions and ineffective legal frameworks
A perception of impunity due to the inadequate punishment of corrupt individuals
Low Salaries and Incentives to Public officials
Bureaucratic Red Tape
This story is from the February 2024 edition of BANKING FINANCE.
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This story is from the February 2024 edition of BANKING FINANCE.
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