Corruption has a severe negative impact on society. India’s rank in the Transparency International Corruption Perception Index has improved over the last few years and in 2018 it stands at 78 out of 180 countries ranked on the index.

However, in recent years the Indian banking sector has been badly affected by frauds, wilful defaults, corruption and money laundering among other issues. Recent cases of corruption and money laundering that severely impacted several Indian banks has led to stronger demand for anti-corruption measures among G20 nations.