ICICI launches ‘Smart Wire’ Facility

Current Context: ICICI Bank Limited launched a ‘smart wire’ facility for Inward Remittances.

• This scheme is an online solution to allow NRI and resident customers to make SWIFT-based remittances.
• ICICI Bank is the first to introduce a quick and easy solution to receive such remittances.
• Accurate information is prepared in advance related to the beneficiary and shared instantly.
• This scheme enables users to initiate a request and submit online documents in advance and track the status.
• This facility is made to be used for various purposes like savings, personal gifts, financial support, and family maintenance.
• Static part- the blocking of exchange rates is available for different currencies such as the Canadian dollar, Australian dollar, Euro, British Pound Sterling, etc.

Question:

Q.1 What is the full form of SWIFT?
a. Society for Worldwide Interbank Financial Telecommunications
b. Society for Worldwide Interbank Fiscal Telecommunications
c. Society for Worldwide Intrabank Financial Telecommunications
d. Society for Worldwide Intrabank Fiscal telecommunications