Factbox: Loopholes in Indian banks' systems were flagged, but not fixed


By Devidutta Tripathy and Suvashree Choudhury(Reuters) - A $2 billion fraud at India's second-biggest state-run lender Punjab National Bank has raised questions around the auditing and regulatory oversight of the country's banks.Documents reviewed by Reuters show the Reserve Bank of India (RBI) had come across issues related to the misuse of the SWIFT interbank messaging system, and other loopholes in many banks' information technology infrastructure, as early as mid-2016.

Many of these loopholes are only now being closed after the PNB case.Here.

This article is no longer available in our repository.

There could be multiple reasons for this.