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Arundhati Bhattacharya appointed chairman of SWIFT India

Arundhati Bhattacharya appointed chairman of SWIFT India

Former SBI cahirman Arunhdati Bhattacharya has been appointed the chairman of SWIFT India Domestic Services, the local unit of SWIFT (Society for Worldwide Interbank Financial Telecommunication) global.

What is SWIFT?

It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.  

SWIFT assigns each financial organization a unique code that has either eight characters or 11 characters. The code is called interchangeably the bank identifier code (BIC), SWIFT code, SWIFT ID, or ISO 9362 code.

Example:

8 character SWIFT code of SBI Mumbai is SBIINMU@@@

Here, the first three characters SBI stands for State Bank of India.

Next two characters IN stand for India,

Further two characters MU for Mumbai.

And last three characters are used by banks for branch code.

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