Home Business RBI warned banks about abuse of SWIFT interbank network in 2016

RBI warned banks about abuse of SWIFT interbank network in 2016

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(G.N.S) Dt. 20 New Delhi In the case of PNB, fake guarantees were routed to the foreign bank branches through SWIFT system. Long before the Punjab National Bank (PNB) scam erupted, the Reserve Bank of India had cautioned banks about the abuse of the SWIFT interbank network, for “unauthorised transfer

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