The term "SWIFT" is sometimes seen in the news, is related to:

Check All Courses

Question

The term "SWIFT" is sometimes seen in the news, is related to:

Options:

A . It is used to securely transmit information and instructions by financial institutions

B . It is used for messaging in secret defence communication

C . It is used in space technology

D . It is used for faster transmission of data

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 ?

Next Question

Submit Comment/FeedBack

More Questions on This Topic :

Question 1. The export competitiveness of a country with its trading partners can be best measured through which of the following ex....be best measured through which of the following exchange rates:

Question 2. An increase in CRR by the Reserve Bank of India results in ....

Question 3. Which of the following are instrument/s of the money market? Cash management bills Treasury bills Certificate of De....Development Loans Select the correct answer using the code given below:

Question 4. RBI is keeping the policy rate at a higher level for quite some time. Which of the following conditions may have led to ....is high Select the correct answer using the code given below:

Question 5. Consider the following liquid assets:Demand deposit with the banksTime deposit with the banksSavings deposit with the ba....of these assets in the decreasing order of liquidity is:

Question 6. Inflation in the economy generally leads to which of the following: Depreciation of currency Appreciation of currenc....interest rate Select the correct answer using the code given below:

Question 7. Consider the following taxes:VAT paid during purchase of a tyre tube for a vehicleService Tax paid while making payments....importing machinery from abroadwhich among the above are “direct taxes”?

Question 8. Consider the following statements regarding the “Currency Swap Agreement” between two companies: It is us....rate risk Select the correct answer using the code given below:

Question 9. Which of the following can be used for checking inflation temporarily ? ....

Question 10. Which of the following measures would result in an increase in the money supply in the economy? Purchase of government s....Bank.Select the correct answer using the codes given below.

Latest Videos

Chapter 1 - GLOBAL STEEL SCENARIO & INDI Part 1 : (13-04-2024) INDUSTRY AND COMPANY AWARENESS (ICA)

Direction Sense Test Part 1 Reasoning (Hindi)

Chapter 1 - RMHP / OHP / OB & BP Part 1 : (14-02-2024) GPOE

Cube & Cuboid Part 1 Reasoning (Hindi)

Data Interpretation (DI) Basic Concept Reasoning (Hindi)

Counting Figures Part 1 Counting Of Straight Lines Reasoning (Hindi)

Sail E0 free webinar Webinars

Real Numbers Part 7 Class 10 Maths

Real Numbers Part 1 Class 10 Maths

Polynomials Part 1 Class 10 Maths

Latest Test Papers

Chapter 3.1 : Overview of Finance & Acco Chapter 3 : Finance & Accounts SAIL E0 - GFM 2024

Chapter 2.1 : Overview Chapter 2 : Materials Management SAIL E0 - GFM 2024

Chapter 1.1 : Personnel Functions- An ov Chapter 1 : Personnel Management SAIL E0 - GFM 2024

GPOE / GPA Combined 1 Free CBT Mock Test SAIL E0 2024

CBT Mixed Test 1 GPOE/GPA SAIL E0 2024