After the unearthing of the PNB fraud, an RBI notification last month said: "The risks arising from the potential malicious use of the SWIFT infrastructure has always been a component of their operational risk profile".
According to recent reports, Punjab National Bank (PNB) has written a letter to Nirav Modi, the kingpin behind the largest banking scam, to repay the entire amount as soon as possible and also expressed their views of not agreeing to any kind of settlement with him.
Chinese takeaways are so salty they need health warning
Action on Salt is now calling on Public Health England (PHE) to set new salt targets and make front of pack labelling mandatory. Meanwhile, a Big Mac from McDonald's contains just 2.3g of salt - around a third of the recommended healthy limit.
A multi-agency probe, including by Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) has been launched into the PNB fraud.
LoUs are bank guarantees through which a bank allows customers to raise money from another Indian bank's foreign branch as short-term credit. The guaranties are given for import of all non-capital goods permissible under the Foreign Trade Policy (except gold), and up to three years for import of capital goods.
The RBI has taken other fraud-control measures like bringing out a framework for dealing with loan frauds above Rs 50 crore, creating an online Central Fraud Registry, issuing caution advice detailing names of fraudsters and their modus operandi and ordering banks to re-verify the title deeds for all credit exposures above Rs 5 crore.
Eagles starting to benefit from 'title chasers,' cut Brent Celek
Philly drafted him in the fifth round in 2007 and spent his entire 11-year National Football League career with the team. The 6-4, 255-pound tight end caught 398 passes for 4,998 yards and 31 touchdowns during his career with the Eagles.
The RBI issued the directive on LoUs and LoCs on Tuesday, about a month after it was discovered that diamond merchants Nirav Modi and Mehul Choksi had misused LoUs issued by PNB to defraud the bank of over $2 billion.
During issuance of LoU, there are four parties involved - issuing bank, receiving bank, importer and beneficiary entity overseas.
Malcolm Butler To Sign With Titans
Butler's contract will be a five-year, $61 million deal with $30 million guaranteed, a source told NFL Media's Ian Rapoport . Butler joined the Patriots as an undrafted free agent in 2014 and has won two Super Bowls with the team in his four seasons.