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Yes Bank fined ₹1 crore over software which was misused in PNB scam
short by Krishna Veera Vanamali / on 05 Mar 2019,Tuesday
The RBI has fined Yes Bank ₹1 crore for not complying with its directions about SWIFT, a financial messaging software. SWIFT is used by financial institutions to securely transmit information and instructions. Notably, PNB officials had issued Letters of Undertaking (LoUs) on behalf of Nirav Modi and Mehul Choksi's firms over SWIFT without recording them in the bank's internal system.
short by Krishna Veera Vanamali / 07:13 pm on 05 Mar
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