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Security and operational controls in SWIFT environment

News and Press Release - Dated:- 13-3-2018 - Reserve Bank of India (RBI) has apprised that it had issued two circulars to banks, related to security and operational controls in SWIFT (Society for Worldwide Interbank Financial Telecommunication) envir .....

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ongoing basis and during RBI inspections and, where necessary, enforcement action is also initiated. RBI has issued instructions mandating banks to implement, within stipulated deadlines, prescribed measures for strengthening the SWIFT operating env .....

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nd the role and effectiveness of various types of audits conducted in banks in mitigating the incidence of such frauds. Government has issued an advisory to Public Sector Banks to take immediate action as per extant legal/regulatory framework to ensu .....

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all Letters of Undertakings/Comfort and SWIFT messages, and ensuring scrutiny and reconciliation of Nostro accounts, and to take all necessary steps to safeguard against occurrence of such frauds. Government has further advised nationalised banks to .....

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if classified as Non-Performing Asset (NPA), from the angle of possible fraud. RBI has taken a number of measures to prevent and control frauds. These include the following: a framework for dealing with loan frauds of ₹ 50 crore and above, unde .....

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