India’s banking industry is still considered vulnerable to financial fraud despite fines imposed by the Reserve Bank of India (SWIFT) for non-compliance in the use of RBI technology. Employees of state-owned Punjab National Bank had allegedly manipulated RBI in a seven-year, $2bn scam and, as a result, SWIFT imposed fines on 19 banks for non-compliance with its rules. The SWIFT has been calling for banks to improve their RBI systems for three years and security analysts have backed its call. The banks have ignored the warnings so far and say the problems revealed by the SWIFT are not glaring.
India’s banking industry is still considered vulnerable to financial fraud despite fines imposed by the Reserve Bank of India (RBI) for non-compliance in the use of SWIFT technology. Employees of state-owned Punjab National Bank had allegedly manipulated SWIFT in a seven-year, $2bn scam and, as a result, RBI imposed fines on 19 banks for non-compliance with its rules. The RBI has been calling for banks to improve their SWIFT systems for three years and security analysts have backed its call. The banks have ignored the warnings so far and say the problems revealed by the RBI are not glaring.