There have been 5904 bank frauds in India in first 3 months of 2018. Source CNBC TV18
The biggest bank fraud is Punjab National Bank (PNB) and billionaire Nirav Modi where PNB was scammed of $2,000,000,000 by Nirav Modi.
How is this for economics ??
Do you mean how will this affect their economy?
This shows how venerable banking system can also be, hacking and fraud is not peculiar only to blockchain technology alone, personally i think government should embrace this technology, provide good atmosphere for it, improve on what is already on ground rather than allowing the media to manipulate it anyhow.