In recent years, instances of financial fraud have regularly been reported in India. Although banking frauds in India have often been treated as cost of doing business, post liberalisation the frequency, complexity and cost of banking frauds have increased manifold resulting in a very serious cause of concern for regulators, such as the Reserve Bank of India (RBI). RBI, the regulator of banks in India, defines fraud as "A deliberate act of omission or commission by any person, carried out in the course of a banking transaction or in the books of accounts maintained manually or under computer system in banks, resulting into wrongful gain to any person for a temporary period or otherwise, with or without any monetary loss to the bank". The Indian banking sector has experienced considerable growth and changes since liberalisation of economy in 1991. Though the banking industry is generally well regulated and supervised, the sector suffers from its own set of challenges when it comes to ethical practices, financial distress and corporate governance. rising NPAs in the past few years across various scheduled commercial banks, especially public-sector banks is a major concern. The credibility of third parties such as auditing firms and credit rating agencies is also questioned. The robustness of a country's banking and financial system helps determine its production and consumption of goods and services. It is a direct indicator of the well-being and living standards of its citizens. To discuss this important event of the economy, Faculties and students of M.A (Economics) and B.A (H) Economics presented their views of different aspects of the topic. To facilitate the audience the topic was divided into major three parts what are bank scams: history of such scams, how these scams happen and how government, central bank and commercial banks are making changes to control such scams. The topic was divided into 18 subtopics and faculties and teams of students presented their views on these 18 aspects of the topic. Some foresighted angle of scams is also included such as trend of dual citizenship among rich business icons in India.