The CBS and SWIFT linkage would be a step towards creating maximum security, says the IBA chairman
The chairman of Indian Banks' Association and the MD and CEO of the Allahabad Bank Usha Ananthasubramanian said "the linkage of SWIFT and CBS at the earliest is a major step for creating maximum security." Her comment comes after the mandate given by the Reserve Bank of India (RBI) to comply integration of the SWIFT mechanism with the CBS before April 30.
Speaking to the media at the Banking and Technology Conference organised by the Indian Banks' Association, she said "the RBI has given a deadline of April 30 at the outer level but today the urgency is such that we have told our vendor to fast track the proceedings."
This is after the massive Rs 11000 crore plus scam involving the Punjab National Bank (PNB) rocked the country.
About the precautionary steps taken by the Allahabad Bank, she explained that she has already sent a memo to all the branches of the Allahabad bank and they are addressing the problem to the best of their ability at all level.