Hemang Palan & Kumud Das
The Financial Express
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global provider of secure financial messaging services, has envisaged a plan to penetrate the Indian mutual fund and as well the stock broking sector to facilitate reduction of operational expenses of the Indian financial sector. In non-financial space, SWIFT is looking to enter areas like co-production and proxy voting by shareholders in annual general meetings (AGM). SWIFT is closely working with the Reserve Bank of India for the same. Also, the provider is actively marketing its services across many co-operative banks in India. Speaking at SWIFT Business Forum in Mumbai Arun Tiwari, head of Indian sub-continent, SWIFT, said, “Our current client base in the Indian banking space is around 100. Most of them are state-owned lenders or the private banks. Recently, we have signed deals with Mumbai based co-operative banks like Abhyudaya and Thane Sahkari Bank. Also, we are about to sign a deal with Bharat Co-operative Bank based in suburban Mumbai. The current growth of SWIFT’s services in the India is around 20% on year-on-year basis. In 2007, over 1.7 crore messages were sent on SWIFT platform in India.”
0 comments:
Post a Comment