He said that only one branch out of around 5,000 branches dealing with forex had this breach of control
The bank decided to revise the interest rate due to cut in marginal cost based lending rates (MCLR) by 90 basis points to 8 per cent effective from January 1, 2017.
New Delhi: All PSBs have verified LoUs issued by them and there are no other unauthorised authority letters except for those issued by PNB, said M.S. Sastry, deputy MD of SBI.
“Each bank has already scanned their LoU/LoC related transactions and have confirmed that all of them are properly assessed, genuine and accounted for except those reported,” said Mr Sastry.
He said that only one branch out of around 5,000 branches dealing with forex had this breach of control.
Controls have now have been put in place that included additional layer of approvals for all outward swift message, integration of SWIFT with CBS latest by April 30, he said.
( Source : Deccan Chronicle. )
Next Story
