Open Jails: Challenges for Women Prisoners
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On Punjab National Bank Scam: By The Virtue Of Intersection Of Law And Economics
Letter of Undertaking (LOU): In the infamous Punjab National Bank (PNB) scam, fraudulent LOUs were issued by bank officials to secure credit from overseas banks without proper collateral. This led to a loss of over ₹11,000 crore for the bank. SWIFT Transactions: SWIFT is widely used for international trade. For instance, a company in India importing machinery from Germany might use a SWIFT transaction to securely transfer payment to the German supplier's bank. Nostro Account: An example would be the State Bank of India (SBI) maintaining a Nostro account in USD with a bank in the United States. This account facilitates transactions like remittances or trade settlements in dollars. Core Banking System (CBS): Banks like HDFC and ICICI in India use CBS to provide seamless banking services. For example, a customer depositing money in one branch can withdraw it from another branch instantly, thanks to CBS. Shel...
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