Admitting that failure of linkage of SWIFT to core banking system (CBS) could have led to Rs 11,400 crore fraud at Punjab National Bank, the former head of the scam-hit lender on Friday said there was an urgent need for banks to revisit their surveillance system and plug the loopholes
Nirav Modi in his letter to the bank had said that the over-zealousness on the part of the bank to deal with the issue destroyed his jewellery brand and also jeopardised his ability to clear the dues.
PNB Rs 11,000 cr fraud: Banks reward wrongdoers if they make profit, cry foul when there are losses, says former RBI deputy K C Chakrabarty
The PNB fraud is a result of long-followed poor risk management systems and inefficient auditing practices
Rs 11,000 cr Nirav Modi case: How Punjab National Bank fell victim to one of India's biggest bank frauds
Punjab National Bank has accused three companies - Solar Exports, Stellar Diamonds and Diamond R US - it said belong to Nirav Modi.