CURRENT AFFAIRS

Detailed explanation-1: -Private lender ICICI Bank has created a milestone by becoming India’s first bank to unveil cross-border payments.

Detailed explanation-2: -ICICI Bank was the first bank in India to enable ‘SWIFT gpi’, which provided the partner banks improved transparency on charges, speed of execution, predictability and end to end tracking of cross border payments for retail and corporate remittances.

Detailed explanation-3: -Lloyds Bank in the UK has become the first bank to switch on Swift gpi Instant, a new service from the Brussels-based interbank co-operative that enables consumers and businesses to send tracked payments in seconds across borders.

Detailed explanation-4: -Cross-border payments are typically made using the correspondent banking model, in which payments pass along a payment chain that often spans three to four banks. After being initiated by the customer, a payment is sent by the debtor agent to one or more intermediary banks. It is then sent to the creditor agent.

Detailed explanation-5: -UPI is an instant payment system developed by the National Payments Corporation of India (NPCI). It powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing and merchant payments into one hood.