Swift blames frauds on shortcomings in Indian banks' automated payment processes.
BANKING AND CREDIT NEWS-March 8, 2019--Swift blames frauds on shortcomings in Indian banks' automated payment processes
(C)2019 M2 COMMUNICATIONS http://www.m2.com
Global Banking News - 08 March 2019
Global banking messaging system, Swift, has said that Indian banks' automated payment processing systems are below par and blamed them for recent frauds at banks.
The firm's comments came after the Indian central bank penalised 19 banks for non-compliance with the Swift system. Penalties ranged from INR10m to INR40m. The firm did not comment on the statement by Indian banks that such shortcomings were minor in nature...
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