RBI penalty: Swift blames short-comings in automated payment processes at banks

It can be noted that the modus operandi of over Rs 13,000 crore fraud at state-run Punjab National Bank, allegedly perpetrated by diamond traders Nirav Modi and Mehul Choksi, rested on the abuse of the Swift system.

from The Financial ExpressBanking & Finance – The Financial Express https://ift.tt/2tWAX6t