Punjab National Bank new drama

     Written by : SMTV24x7 | Sat, Jun 23, 2018, 12:28 PM

Punjab National Bank new drama

New Delhi, June 23: After facing harsh criticism for systemic lapses in bank's functioning that eventually led to over Rs 14,000 crore fraud by Nirav Modi and co., the Punjab National Bank (PNB) has claimed that it did not receive an important e-mail on preventing bank frauds which were sent by the Reserve Bank of India (RBI).

The PNB officials also explained that no e-mails have been received from the Reserve Bank even after being exposed.

In the case, the Governor of Reserve Bank of India has recently appeared before the Parliamentary Committee on his powers and gave an explanation. As the debate on these issues continues, the bank has announced that it has not received RBI mail for the possibility of fraud in PNB.

According to a report, the directive, issued on November 30, 2016, mandated all commercial banks in the country to strengthen their risk control mechanisms to ward off banking frauds.

In November 2016, as reported in the Business Standard, RBI sent out an email titled 'Cybersecurity controls - frauds related to trade finance transactions - misuse of SWIFT' to all commercial banks.

Through the circular, RBI shed light on the inefficiencies of the Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) mechanism, which is a global communication medium for banks.

The inadequacies were uncovered as a result of a survey conducted by RBI of all commercial banks in early 2016. The email also obligated banks to strengthen their SWIFT mechanisms, the report said