Fraud hit PNB ranked best PSB for digital transactions
New Delhi, Aug 25 : Punjab National Bank (PNB), which was recently hit by a multi billion dollar fraud by manipulation of its financial messaging -- Swift -- system, has been ranked as the best PSU bank in the overall digital transactions category in India.
The bank said in a statement on Saturday: "Based on the recent findings of DFS (Department of Financial Services), PNB is ranked the number 1 PSU bank in digital transactions in India."
A Rs 13,500-crore fraud came to light in January, when it was found that the financial messaging system SWIFT was manipulated. It was used to issue Letters of Undertakings (LoUs) to conduct the fraud.
In the aftermath of the fraud, the bank had to rectify and strengthen its internal controls.
According to the PNB statement, the report card on the banking sector's performance in digital transactions as on July 31, 2018 was prepared by the Ministry of Finance.
As per the DFS' findings, PNB's average percentage of technical declines is only 0.83 per cent of the total transactions. It has been rated as the sixth best in the overall category amongst all banks in India for digital performance.
"The bank is fully committed to 'Digital India' initiative," the statement said.
"The bank is rated as 'Good' by the government with a score of '71' which is the highest category of performance."
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Trump suspends attacks as Iran agrees to two-week ceasefire
Washington/Tehran: A temporary pause in the ongoing conflict appears to be underway after the United States and Iran signalled a two-week ceasefire.
According to updates reported by Al Jazeera, Iran has agreed to a two-week ceasefire after US President Donald Trump said he would suspend attacks, subject to conditions including the reopening of the Strait of Hormuz.
The development came after Pakistan’s Prime Minister Shehbaz Sharif appealed to Trump to extend the deadline for a deal and urged Iran to fully reopen the key waterway.
In a related statement, Iran’s Foreign Minister Abbas Araghchi said Tehran would halt its defensive operations if attacks against the country are stopped.
Sharing a message on behalf of Iran’s Supreme National Security Council, Araghchi said, “if attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations.”
He also said that for a period of two weeks, safe passage through the Strait of Hormuz would be ensured through coordination with Iran’s armed forces, while noting there could be technical limitations.
The ceasefire announcement marks a significant pause in the conflict, though its continuation depends on both sides adhering to the conditions set out.
