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."
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Iqra Arabic School honors three students for national recognition in Hifz competition
Mangaluru: Iqra Arabic School proudly felicitated three of its students who recently achieved national recognition in the Hifz Competition.
The event was graced by the Chief Editor of Vartha Bharati, Abdus Salam Puthige, who underscored the importance of acquiring in-depth knowledge and encouraged students to pursue excellence across diverse fields.
Maulana Yahya Tangal emphasized the significance of living in accordance with Shariah principles. Syed Beary Sahib, Chairman of the Abul Hasan Ali Nadwi Educational and Charitable Trust, spoke about the vital role of moral values and stressed the need for holistic development of society.
The program was attended by School Secretary Janab Haneef Haji Sahib, Principal Maulana Saalim Nadwi, and several distinguished guests.
