Question
The term "SWIFT" is sometimes seen in the news, is related to:
Answer: Option A
Answer: (a)
SWIFT stands for the ‘Society for Worldwide Interbank Financial Telecommunications’. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.
SWIFT code is an 8 digit or 11- digit code and is interchangeably also called Bank Identifier Code (BIC). (It was in the news in the context of Punjab National Bank fraud of Rs. 11,000 crore)
Was this answer helpful ?
Answer: (a)
SWIFT stands for the ‘Society for Worldwide Interbank Financial Telecommunications’. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.
SWIFT code is an 8 digit or 11- digit code and is interchangeably also called Bank Identifier Code (BIC). (It was in the news in the context of Punjab National Bank fraud of Rs. 11,000 crore)
Was this answer helpful ?
More Questions on This Topic :
Latest Videos
Latest Test Papers
Submit Solution