RBI had warned banks about tech misused in PNB scam
RBI on Tuesday said it had confidentially cautioned banks about possible abuse of the SWIFT interbank messaging system at least thrice since August 2016. PNB officials issued fake guarantees via SWIFT to overseas banks on behalf of Nirav Modi and Mehul Choksi's firms. RBI has also constituted an Expert Committee to curb rising incidence of frauds in the banking system.