Budget 2018-19

Business standard : The fraud at Punjab National BankBSE -1.58 % (PNBBSE -1.58 %) is reported by the lender to have been committed by a deputy manager who sent unauthorised messages through the SWIFTBSE 1.04 % messaging system. In an interview with TOI, SWIFT India CEO Kiran Shetty explains how weakness in an institution’s local environment can be used by fraudsters. Recent incidents have taken place because lenders have ignored SWIFT requirements of a controlled framework securing the bank’s end-to-end transaction ecosystem, including payments, securities, trade and treasury. From next year therefore, SWIFT has said that it reserves the right to report to the supervisor banks that do not confirm full compliance. What is SWIFT and who are its users ? SWIFT is a global member-owned cooperative that is headquartered in Brussels, Belgium. It was founded in 1973 by a group of 239 banks from 15 countries who formed a cooperative utility to develop a secure electronic me...

As part of its probe in the PNB fraud case, ED will send judicial requests to over a dozen countries for obtaining information about the overseas businesses and assets of Nirav Modi and Mehul Choksi Nirav Modi and Mehul Choksi's overseas businesses and assets across more than a dozen countries are under the scanner of the Enforcement Directorate (ED), which will soon send judicial requests to countries like Belgium, Hong Kong, Switzerland, the United States, the United Kingdom, Dubai, Singapore, and South Africa for obtaining information about them as part of the widening of its probe into the Rs 114-billion Punjab National Bank (PNB) fraud case. Nirav Modi, his wife Ami, and uncle Mehul Choksi have been summoned by the ED to appear at its zonal office in Mumbai on Monday. According to sources, if they skip the summons, the agency could approach a special PMLA court to get non-bailable warrants issued against them. Modi has already had his luxury cars, includ...