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PNB Scam Lesson Learned: Banks Asked to Link Core Banking Solution with SWIFT by April 30

March 16, 2018

PNB Scam Lesson Learned: Banks Asked to Link Core Banking Solution with SWIFT by April 30

To prevent the recurrence of a fraud like the Rs. 12,700 crores one of Nirav Modi with Punjab National Bank, an announcement has been made for the Public Sector Banks (PSBs) asking them to link their Core Banking Solution (CBS) with global banking communication network SWIFT.
PSBs are taking other measures as well to minimize the risk of frauds as State Bank of India Risk Officer and deputy MD M S Shastri said, the banks have decided to restrict the SWIFT transitions to between 9 AM and 8 PM.

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