INSUBCONTINENT EXCLUSIVE:
The bank is rated as 'Good' by the government with a score of 71, said the report.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
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
