CURRENT AFFAIRS

Detailed explanation-1: -DBS is the first bank in India and Asia-Pacific to offer this service to clients, which is expected to benefit close to 4000 corporate and SME clients in India, with numbers expected to grow further.

Detailed explanation-2: -Smart Wire facility will allow both NRIs and resident customers to undertake inward remittance transactions in an online and paperless way. ICICI Bank has launched a unique solution, Smart Wire, for its customers to help them with SWIFT-based inward remittances in a faster and hassle-free manner.

Detailed explanation-3: -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-4: -ABN AMRO, Bank of China, BBVA, Citi, Danske Bank, DBS Bank, Industrial and Commercial Bank of China, ING Bank, Intesa Sanpaolo, Nordea Bank, Standard Chartered Bank and UniCredit are live with SWIFT gpi, exchanging gpi payments across 60 country corridors.

Detailed explanation-5: -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.