Ananthasubramanian, who is managing director and CEO of Allahabad Bank, said at her bank also, SWIFT is not linked to CBS and the process of linking both the systems is currently on
Indian Banks' Association chairperson Usha Ananthasubramanian today said there is an urgent need for banks to revisit their risk management system and plug the loopholes.
Ananthasubramanian, who is managing director and CEO of Allahabad Bank, said at her bank also, SWIFT is not linked to CBS and the process of linking both the systems is currently on.
The country's second largest PSU bank has detected a USD 1.77 billion scams where billionaire jeweler Nirav Modi allegedly acquired fraudulent letters of undertaking (Lou) from its Brady House branch in Mumbai to secure overseas credit from other Indian lenders. The fraud allegedly started in 2011 at PNB.
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“Banks are reviewing and revisiting the systems to ensure drawbacks/ loopholes if any, are addressed so that the system becomes robust. Swift linkage to CBS is being fast-tracked by Banks,”Ananthasubramanian told reporters here today
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