Punjab National Bank (PNB) may have had misled the regulator about the bank’s preparedness in integrating SWIFT messaging system with its core banking solution, it has now emerged.
The Reserve Bank of India (RBI) has told the finance ministry recently that PNB management assured that the regulator’s August 2016 instructions on necessary controls in the SWIFT system were being implemented by the bank. PNB could have been less than honest here.
“The RBI has stated that it had issued two circulars to banks dated August 3, 2016, and November 25, 2016, regarding necessary controls in SWIFT messaging system. In response,