RBI nod for domestic operations received, says Swift India

Don't want to miss the best from Business Standard?

Swift India, a global carrier of financial messages, officially announced here today that it has received the Reserve Bank of India's (RBI) nod to provide messaging services to the country's domestic financial market.
Swift India is promoted by the global carrier as well as a host of domestic lenders including State Bank of India (SBI), ICICI Bank, Punjab National Bank (PNB), HDFC Bank and Bank of Baroda, among others.
It provides a common platform for exchange of highly secure and reliable standardised information on financial transactions.
"The RBI has shown confidence in Swift India's ability to provide critical financial services to banks, corporates and market infrastructure in the country," Swift India's Chairman M V Nair said in a statement issued here.

Nair, who headed Bank of Baroda earlier, said that as financial literacy and penetration increases, there will be a demand for reliable as well as scalable solutions which bring safety to the system, while driving down costs.
Swift's Chief Executive for Asia Pacific and Europe, Middle East and Africa, Alain Raes said that his company has been operational in India for the last 23 years, offering overseas connectivity.
"RBI's approval allows them (the banks) to reuse their Swift infrastructure for domestic exchange," he said.