The ICICI Bank SWIFT code, also known as the Bank Identifier Code (BIC), is a unique identification code assigned to ICICI Bank, one of the largest private sector banks in India. The SWIFT code is used for international wire transfers and electronic fund settlements between banks and financial institutions worldwide.
ICICI Bank was founded in 1994 as the Industrial Credit and Investment Corporation of India. It was originally established as a development financial institution to provide project financing and other financial services. In 1998, ICICI transformed into a universal bank and began offering a wide range of banking products and services to retail and corporate customers [citation needed].
The SWIFT code for ICICI Bank was assigned as the bank expanded its global operations and international banking activities. SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the dominant messaging system used by banks and other financial institutions to securely exchange financial transaction instructions and other information [citation needed].
The ICICI Bank SWIFT code consists of 8 or 11 alphanumeric characters that uniquely identify the bank, its location, and the specific branch or office. The standard format is as follows:
The key components of the ICICI Bank SWIFT code are:
The SWIFT code is used to route international wire transfers and payments to the correct ICICI Bank branch or office. It is an essential identifier for cross-border transactions and is required by senders to ensure accurate and timely fund transfers [citation needed].
The ICICI Bank SWIFT code has become an integral part of the global financial system, facilitating seamless international money transfers and settlements. As one of India's largest banks with a significant international presence, ICICI Bank's SWIFT code is widely recognized and utilized by banks, businesses, and individuals conducting cross-border transactions [citation needed].
The accurate use of the SWIFT code is crucial for the efficient and secure movement of funds worldwide. Incorrect or missing SWIFT codes can result in payment delays, failed transactions, and additional fees for customers [citation needed].
There have been no major controversies or criticisms specifically related to the ICICI Bank SWIFT code. However, the broader use of SWIFT codes and the SWIFT messaging system has faced some scrutiny, particularly regarding sanctions enforcement and potential misuse for illicit financial activities [citation needed].
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