What is SWIFT? How has the Modi scam brought about changes in the banking sector?
SBI is in the process of availing internal approvals and will also join the network this year.
SWIFT is a Belgium-based secure financial messaging service which is used by over 11,000 banking and securities organisations.
The CVC analysis shows the lacunae in the credit appraisal and monitoring process.
SWIFT was in limelight after it was used to conduct fraud worth Rs 11,000 crore (now risen to Rs 14,000 crore) at Punjab National Bank (PNB) unearthed on February 14 this year
SWIFT said GPI accounts for 10 percent of cross border payment traffic and is enabling more than a hundred billion dollars to be transferred across the world rapidly and securely every day
Extension of its GPI Tracker will cover all payment instructions sent across the network, SWIFT said in a statement.
India's second biggest state lender this month revealed the country's biggest loan fraud, which it alleges was committed by two junior officials at a Mumbai branch, who issued unauthorised "letters of undertaking" (LOU) via SWIFT, for firms linked to a billionaire jeweller Nirav Modi and his uncle Mehul Choksi.
Maruti Suzuki Baleno, which was earlier sitting at the 5th spot, has gained 3 spots to become the runner-up in the top 10 selling cars of July 2017 with 19,153 units sold, this is also the highest ever sales of Baleno in a single month.
The country’s largest car maker Maruti Suzuki grew by 7 percent while Hyundai grew by 9 per cent and Tata Motors grew by a scorching 84 percent during last month.
The company, which had 6 models on the top 10 selling passenger vehicles (PVs) list in January 2016, is driving towards 50 percent market share in the segment.
Maruti Suzuki disappointed analysts with its October sales as it sold 1.33 lakh units during the month, down 0.3 percent compared with 1.34 lakh units sold in year-ago period. It was worst on month-on-month basis as sales fell 10.3 percent.
SWIFT, the system banks use to send payment instructions worth trillions of dollars each day, was hacked at least three times over the summer and cyber attacks on banks are set to intensify, the cooperative said on Monday.
The new variant -- Swift Deca, comes with touch screen multimedia system with bluetooth, exterior styling kit, sporty body graphics, football themed seat covers and interior styling kit.
The initiative aims to enhance cross-border payments by leveraging Swift's messaging platform and global reach and in the first phase, the initiative will focus on business-to-business payments.
"The growth in quarterly sales is despite the disruption in production during June 2016, due to the unfortunate incident of fire at Subros, a key vendor of the company," says Maruti in its filing.
Gottfried Leibbrandt told Reuters he would be forced to scale back some of SWIFT‘s operations to help pay for new security initiatives it plans. But he denied the Belgium-based co-operative should have taken these measures sooner.
The company's domestic sales increased by 16.2 percent during the month to 1,17,045 units as against 1,00,709 units in April 2015.
Country's largest carmaker Maruti Suzuki India tightened its grip in terms of best selling cars with six of its models featuring in the the top-10 list for the just concluded fiscal.
The company said sales of the compact segment comprising Swift, Estilo, Ritz, Dzire and Baleno increased 20.9 percent to 46,786 units in March this year as against 38,710 units in the same month last year.
Till now in FY16, this segment, led by Maruti Swift, clocked a growth of over 12 percent, increasing its share in the overall passenger car segment to 37.5 percent from 36.5 percent the previous year.
Eicher Motors maintained its strong sales growth. It has registered a 63 percent year-on-year growth in Royal Enfield sales at 49,156 units, majorly led by models with engine capacity upto 350cc.
Iran is likely to reconnect to SWIFT international payment system in a day or two, paving the way for getting about USD 6 billion of blocked oil payments from India.
A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil.
Maruti Suzuki India maintained its leadership position in the domestic passenger vehicle (PV) market in December, with six of its models featuring in the top 10 brands last month.