SWIFT
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Sanctioned Russian banks now have access to one of the world’s largest markets, due to a recent decision by the Indian government to permit cross-border trade settlements in rupees to promote Indian exports. To settle trade deals under rupee trading, Indian banks have to open special rupee-vostro accounts in the trading partner country’s banks. The…
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Russia’s invasion of Ukraine has intensified calls to impose sanctions that would devastate the Russian economy and target leaders in its government. One of the key demands put forward by the Ukrainian government is for Russia to be barred from SWIFT – the world’s most-used interbank communications system. “I will not be diplomatic on this.…
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SWIFT, the world money exchange, on Tuesday warned about 11,000 financial institutions around the world to hasten with their software updates after a reported $81 million was stolen by cybercriminals from Bangladesh Central Bank. The 21st Century hackers are getting sophisticated with super-technological know-how, and always a step ahead of financial institutions. According to a report from…
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