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banks were warned thrice against misuse of swift: rbi

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banks were warned thrice against misuse of swift: rbi

amid the multi-agency probe into india's biggest banking scam, rbi on tuesday said it had "confidentially" cautioned banks thrice since august 2016 on the risks arising from malicious use of swift system, and has decided to set up a panel to look into the rising incidence of frauds.state-owned punjab national bank (pnb) was defrauded of rs 11,400 crore by firms related to jewellery designer nirav modi and mehul choksi through fraudulent letters of undertaking (lous).the fraud is being probed by several agencies, including the ed, cbi, sfio and the income tax department.in a statement, the reserve bank of india said that as part of the ongoing efforts for strengthening of the supervisory framework in the country, it has been issuing neces...