ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 19 April. Click Here for more information.
ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
7 banks fined for delayed SWIFT implementation
- Reserve Bank of India(RBI) have imposed a monetary fine on 7 Banks for non-compliance with the directions on Implementing the SWIFT software,
- Society for Worldwide Interbank Financial Telecommunication(SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.In other words,It transports messages from one bank to its intended bank recipient.
- SWIFT is a global member-owned cooperative that is headquartered in Brussels, Belgium.It was founded in 1973 by a group of 239 banks from 15 countries.It was formed as a co-operative utility to develop a secure electronic messaging service and common standards to facilitate cross-border payments.
