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ICICI Bank to Offer ‘SWIFT gpi Instant’ Facility

Published on June 05, 2021
Current Context: ICICI Bank has entered into a partnership with SWIFT to grant a facility called ‘SWIFT gpi Instant’.
ICICI Bank to Offer ‘SWIFT gpi Instant’ Facility
  • The ‘SWIFT gpi Instant’ facility will help overseas partner banks to send instant remittances on behalf of their customers to the beneficiary in India.
  • Due to this facility, the beneficiary will get the credit to the bank account instantly.
  • By launching such a facility, ICICI Bank has become the first bank in Asia-Pacific and the second globally.
  • The facility is in line with ICICI Bank’s commitment to grant customer-centric solutions with quick and hassle-free money transfers.
  • Due to the ‘SWIFT gpi Instant’ facility, personal remittances of up to Rs 2 lakh will be processed instantly and credited into the beneficiary account held with any bank which is enabled to receive foreign remittance through IMPS in India.
  • The facility will be active 24X7 for all 365 days. The data relating to the charges taken by intermediary banks will be displayed on the ‘SWIFT gpi’ platform in order to have transparency.
  • The end to end tracking of payments from initiation till fulfilment through an instant automated status update will take place.
  • To avail of the facility for sending instant remittances to India non-residents can visit their Bank overseas and initiate remittance transaction via ‘SWIFT gpi Instant’.
  • Static Part: 
    • HQ of ICICI Bank: Mumbai
    • MD and CEO of ICICI Bank: Sandeep Bakhshi.

Question: 

Q.1 Which is the first bank in Asia-Pacific and second globally to grant a facility called ‘SWIFT gpi Instant’?
a. Federal Bank
b. HDFC Bank
c. ICICI Bank
d. Axis Bank

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