7 banks fined for delayed SWIFT implementation

  1. Reserve Bank of India(RBI) have imposed a monetary fine on 7 Banks for non-compliance with the directions on Implementing the SWIFT software,
  2. 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.
  3. 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.