PNB has also created a unit called ‘Treasury Division Mumbai’ for re-authorisation of most messages sent over SWIFT by branches. The new measures mean only PNB officers will be able to initiate messages on SWIFT, taking away the authority of clerks to do so. “SWIFT can reassure customers that there is no indication the SWIFT network has been compromised.”New DivisionPNB has also created a unit called “Treasury Division Mumbai” for re-authorisation of most messages sent over SWIFT by branches. The messages include those meant for LOUs, according to a separate circular the bank sent to all its offices on 12 February. India’s federal police have arrested some half a dozen bank officials, including the two junior Mumbai officials, as well as employees of companies controlled by Modi and Choksi.

Source: Mint February 22, 2018 03:45 UTC