BANKING GENERAL KNOWLEDGE
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Detailed explanation-1: -SWIFT India is a joint venture created by SWIFT SCRL (Society for Worldwide Interbank Financial Telecommunication), the global banking cooperative, and nine partner banks to address domestic market needs of the Indian financial services industry.
Detailed explanation-2: -SWIFT gpi isn’t a proof of concept. It’s tried and tested by a community of over 4, 232+ financial institutions.
Detailed explanation-3: -The banks are: ICICI Bank, HDFC Bank, Axis Bank, YES Bank, Federal Bank, IndusInd Bank, City Union Bank, Punjab National Bank, Union Bank of India, Bank of India and Indian Bank. According to SWIFT, these banks together represent over 60% of India’s cross-border payments.
Detailed explanation-4: -India was the 74th country to join the Society for Worldwide Inter-bank Financial Telecommunication (SWIFT) network on December 2, 1991.