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Consider the following statements regarding Swift (Society for Worldwide Interbank Financial Telecommunications) messaging system.
- It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.
- SWIFT facilitate funds transfer and sends payment orders.
- SWIFT India is a consortium of all Indian public sector banks.
How many of the above statements are correct?
- a)Only one
- b)Only two
- c)All three
- d)None
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding Swift (Society for Worldwi...
Statement 1: It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes.
This statement is correct. The Swift messaging system is a network that allows financial institutions to securely exchange information and instructions. It uses a standardized system of codes known as Swift codes to ensure the accuracy and security of the transmitted data.
Statement 2: SWIFT facilitates funds transfer and sends payment orders.
This statement is correct. One of the primary functions of the Swift messaging system is to facilitate funds transfer between financial institutions. It allows banks to send payment orders to each other, ensuring the efficient and secure transfer of funds across borders.
Statement 3: SWIFT India is a consortium of all Indian public sector banks.
This statement is incorrect. SWIFT India is not a consortium of all Indian public sector banks. SWIFT India is a subsidiary of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) that operates in India. It provides messaging services to Indian financial institutions, including banks, but it is not specifically limited to public sector banks.
In conclusion, two of the given statements are correct. The Swift messaging system is indeed a network used by financial institutions to securely transmit information and instructions through a standardized system of codes. Additionally, SWIFT facilitates funds transfer and sends payment orders. However, the statement that SWIFT India is a consortium of all Indian public sector banks is incorrect.
This statement is correct. The Swift messaging system is a network that allows financial institutions to securely exchange information and instructions. It uses a standardized system of codes known as Swift codes to ensure the accuracy and security of the transmitted data.
Statement 2: SWIFT facilitates funds transfer and sends payment orders.
This statement is correct. One of the primary functions of the Swift messaging system is to facilitate funds transfer between financial institutions. It allows banks to send payment orders to each other, ensuring the efficient and secure transfer of funds across borders.
Statement 3: SWIFT India is a consortium of all Indian public sector banks.
This statement is incorrect. SWIFT India is not a consortium of all Indian public sector banks. SWIFT India is a subsidiary of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) that operates in India. It provides messaging services to Indian financial institutions, including banks, but it is not specifically limited to public sector banks.
In conclusion, two of the given statements are correct. The Swift messaging system is indeed a network used by financial institutions to securely transmit information and instructions through a standardized system of codes. Additionally, SWIFT facilitates funds transfer and sends payment orders. However, the statement that SWIFT India is a consortium of all Indian public sector banks is incorrect.
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Community Answer
Consider the following statements regarding Swift (Society for Worldwi...
Only statement 1 is correct.
- It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. Under SWIFT, each financial organization has a unique code which is used to send and receive payments.
- SWIFT does not facilitate funds transfer:rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other.
- The SWIFT is a secure financial message carrier —in other words, it transports messages from one bank to its intended bank recipient. It acts as the Gmail of global banking services.
- It was founded in 1973 to end reliance on the telex system, an international system used especially in the past for sending written messages.
- It is a member-owned cooperative, based in Brussels.
SWIFT India is a joint venture of top Indian public and private sector banks and SWIFT (Society for Worldwide Interbank Financial Telecommunication). The company was created to deliver high quality domestic financial messaging services to the Indian financial community.
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Consider the following statements regarding Swift (Society for Worldwide Interbank Financial Telecommunications) messaging system. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. SWIFT facilitate funds transfer and sends payment orders. SWIFT India is a consortium of all Indian public sector banks.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer?
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Consider the following statements regarding Swift (Society for Worldwide Interbank Financial Telecommunications) messaging system. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. SWIFT facilitate funds transfer and sends payment orders. SWIFT India is a consortium of all Indian public sector banks.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Swift (Society for Worldwide Interbank Financial Telecommunications) messaging system. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. SWIFT facilitate funds transfer and sends payment orders. SWIFT India is a consortium of all Indian public sector banks.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Swift (Society for Worldwide Interbank Financial Telecommunications) messaging system. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. SWIFT facilitate funds transfer and sends payment orders. SWIFT India is a consortium of all Indian public sector banks.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer?.
Consider the following statements regarding Swift (Society for Worldwide Interbank Financial Telecommunications) messaging system. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. SWIFT facilitate funds transfer and sends payment orders. SWIFT India is a consortium of all Indian public sector banks.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding Swift (Society for Worldwide Interbank Financial Telecommunications) messaging system. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. SWIFT facilitate funds transfer and sends payment orders. SWIFT India is a consortium of all Indian public sector banks.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Swift (Society for Worldwide Interbank Financial Telecommunications) messaging system. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes. SWIFT facilitate funds transfer and sends payment orders. SWIFT India is a consortium of all Indian public sector banks.How many of the above statements are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer?.
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