RBI asks banks to integrate SWIFT in core banking system by April end

IBA Chairman said each bank will have to review their control systems and technology separately, as their problems and loopholes may differ

The Reserve Bank of India (RBI) has asked banks to integrate link for Society for Worldwide Interbank Financial Telecommunications (SWIFT) with their core banking system (CBS) by end of April 2018, said Indian Bank Association's(IBA) Chairman Usha Ananthasubramian. 

Ananthasubramian is also the managing director and chief executive of Allahabad Bank. She said that a memo has been sent regarding the RBI mandate.

Punjab National Bank's Rs 114-billion fraud brought attention to the fact that many banks don't have SWIFT integrated into their CBS. Ananthasubramian also said that Allahabad Bank, like many other banks, has not integrated SWIFT with CBS till