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RBI again appeared strictly, asking banks to remove SWIFT deficiencies

Friday - September 7, 2018 5:17 pm , Category : WTN SPECIAL

PNB scam of Rs 13,600 crore done through SWIFT system

SEP 07 (WTN) - You are all aware of the scam of Nirav Modi and Mehul Choksi in the Punjab National Bank. Since this fraud of worth Rs 13,600 crore by Nirav Modi- Mehul Choksi, the confidence of the people started to rise from the Indian banking system. The people of the country had alleged that such large frogs could not be happed without the collusion of the big officials of the banks. After this episode, people also questioned on the RBI, that why RBI did not remove the shortcomings of the banking system.

According to the information from the media, after eight months of Punjab National Bank fraud case, the Reserve Bank of India has asked all banks to remove the deficiencies of the SWIFT system through a secret message. For your information, let you know that Nirav Modi and Mehul Choksi used to support this SWIFT system in PNB scam of worth Rs 13,600 crore.

According to the information, even after the Reserve Bank's repeated warnings, the banks are not changing the SWIFT system. According to information received from the media, the Reserve Bank sent a confidential message to all the banks. In which the central bank has asked all banks to remove the deficiencies of the SWIFT system so that any kind of fraudulence can be restrained.

The full name of SWIFT is the Society for Worldwide Interbank Financial Telecommunications System. This is a messaging network. To complete the payment, it is used by financial institutions to send information secretly. According to information received from the media, the Reserve Bank has sent another show-cause notice to the banks. It has been said in this notice that the banks still have not fully executed its order. RBI has asked such banks and financial institutions that what is the reason for this delay?

For your information, let you know that the by the misuse of SWIFT, Punjab National Bank employees of Brady House branch of Mumbai had reportedly benefited Nirav Modi. According to the information, fake letter of undertaking was issued through it. RBI has asked the banks to send SWIFT messages until the transactions are detected in the CBS system. Apart from this, it was said for a change in CBS and SWIFT messaging by april30, 2018

NPA has been the biggest distress for the Indian banking system. In such a situation, RBI should ensure that the confidence of the Indian public remains on the banking system, for this, the functioning of the banks will be reviewed from time to time. If RBI fails to do so then be ready for any major scam again.

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