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No more clerks please: Only PNB officers can now initiate messages on SWIFT

Several new limits have been placed on the amount that officers can generate depending on their seniority in the bank hierarchy.

Reuters  |  Mumbai 

India's state-run Punjab National Bank has stepped up its controls on the use of global payments network SWIFT following an alleged $1.77 billion fraud, according to memos issued this month and seen by Reuters. India's second biggest state lender this month revealed the country's biggest loan fraud, which it alleges was committed by two junior officials at a Mumbai branch, who issued unauthorised "letters of undertaking" (LOU) via SWIFT, for firms linked to a billionaire jeweller Nirav Modi and his uncle Mehul Choksi. The undertakings, which PNB says were ...

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First Published: Thu, February 22 2018. 13:23 IST