Economics • Banking & FinanceMedium
Which of the following organizations operates the 'Structured Financial Messaging System (SFMS)' used securely by banks in India for interbank and intra-bank financial messaging?
A. National Payments Corporation of India (NPCI)
B. Institute for Development and Research in Banking Technology (IDRBT)✓ Correct Answer
C. Clearing Corporation of India Limited (CCIL)
D. Society for Worldwide Interbank Financial Telecommunication (SWIFT India)
💡 Solution & Explanation
The Structured Financial Messaging System was developed and operated by the Institute for Development and Research in Banking Technology, an autonomous body established by the Reserve Bank of India. National Payments Corporation of India manages retail payment systems like UPI, while other bodies handle distinct financial infrastructures. SFMS enables secure communication between financial institutions across the nation.
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