Mumbai: The RBI’s mass penalties on banks this week were triggered by their failure to automate and implement straight-through processing of transactions under the SWIFT platform. This observation was made by SWIFT after the RBI penalised 19 banks for not complying with its directions on control of the SWIFT framework. Although the central bank had issued directions in 2017, it started cracking down on banks after the Nirav Modi fraud in Punjab National Bank (PNB). Click here for Full Story
