Bank Code Verified

SBININBB797, SWIFT Code for STATE BANK OF INDIA, VIJAYAWADA

Swift Code: SBININBB797

Bank: STATE BANK OF INDIA

Address: RAMAVARAPPADU RING ROAD, NEAR NTR MEDICAL UNIVERSITY CAMPUS, 48-10-20 VEERAMACHANENI RESIDENCY KRISHNA

City: VIJAYAWADA

Branch: SPECIALISED MID CORPORATE BRANCH, VIJAYAWADA

Postcode: 520008

Country: India

Anto Swift Codes

Imagine you need to transfer money internationally. You’ve done your research, you have the recipient’s bank account details, and you’re ready to go.

But wait, there’s one important piece of information you need to provide: a Swift code. What is a Swift code, and why is it essential for international banking transactions?

In this article, we will explore the purpose and importance of Swift codes in the world of finance. We will delve into how they facilitate secure and efficient international transactions, connecting financial institutions across the globe.

So, let’s get started and unravel the mystery of Swift codes.

The Role of Swift Codes in International Banking

Swift codes, also known as Bank Identifier Codes (BIC), are unique alphanumeric codes that identify specific banks or financial institutions worldwide. They play a fundamental role in facilitating international transactions, ensuring that money flows securely and swiftly between different banks.

1. Facilitating Worldwide Transactions:

When you initiate an international transaction, the money doesn’t magically teleport from your account to the recipient’s account.

It goes through a series of intermediaries, such as correspondent banks, that help facilitate the transfer. Swift codes act as a digital passport for these intermediaries, enabling them to identify and communicate with each other effectively.

2. Ensuring Accuracy and Efficiency:

Imagine a scenario where there are multiple banks with similar names across the globe.

Without Swift codes, the risk of transferring money to the wrong bank would be significantly higher. Swift codes eliminate this confusion by providing a precise identification system, ensuring that your money reaches its intended destination.

3. Enhancing Security:

In today’s digital world, cybersecurity is a top priority.

Swift codes play a crucial role in securing international transactions by facilitating encrypted communication between financial institutions. This encryption ensures that sensitive data, such as account numbers and transaction details, remain protected from potential threats or unauthorized access.

The Swift Code SBININBB797 and Its Significance

Let’s take a closer look at the Swift Code SBININBB797, which belongs to the State Bank of India, located in Vijayawada. This specialized mid-corporate branch is responsible for handling a wide range of financial services for businesses operating in the region.

1. Bank: State Bank of India

The State Bank of India (SBI) is one of the largest public sector banks in India.

With its extensive network of branches and subsidiaries, it serves millions of customers, both domestically and internationally. The SBI is known for its robust financial services and commitment to customer satisfaction.

2. Address: Ramavarappadu Ring Road, Near NTR Medical University Campus, 48-10-20 Veeramachaneni Residency Krishna, Vijayawada, 520008, India

This branch of the State Bank of India is strategically located near the NTR Medical University Campus in Vijayawada.

The address provides a clear indication of its physical location, making it easier for customers to locate and access the branch when needed. 3.

Branch: Specialized Mid Corporate Branch, Vijayawada

As a specialized mid-corporate branch, the Vijayawada branch focuses on meeting the unique financial needs of mid-sized businesses. It offers a wide range of services, including corporate lending, trade finance, treasury operations, and cash management solutions.

By catering specifically to mid-sized enterprises, this branch plays a vital role in supporting the local economy and fostering business growth.

Conclusion

In conclusion, Swift codes are essential tools in the realm of international banking. They facilitate secure and efficient transactions by ensuring accurate identification and communication between financial institutions.

The Swift Code SBININBB797, belonging to the State Bank of India’s specialized mid-corporate branch in Vijayawada, plays a significant role in connecting with other banks and enabling smooth international transfers. Next time you make an international transaction, remember the importance of Swift codes.

They are the invisible threads that connect our global financial system and ensure that money travels smoothly across borders. Topic 3: Unveiling STATE BANK OF INDIA

The State Bank of India (SBI) is a behemoth in the Indian banking industry.

Established in 1806 as the “Bank of Calcutta,” it later merged with two other banks, the “Bank of Bombay” and the “Bank of Madras,” in 1921 to form the Imperial Bank of India. In 1955, the Indian government acquired a majority stake, and the bank was renamed the State Bank of India.

1. Size and Reach:

With over 22,000 branches and 58,000 ATMs spread across India, the State Bank of India boasts an extensive network that allows it to serve customers in even the most remote corners of the country.

Its wide reach ensures that individuals and businesses have access to financial services, contributing to financial inclusion and economic growth. 2.

Diverse Range of Services:

The State Bank of India offers a diverse range of financial services, catering to the needs of individuals, corporate clients, and government entities. Its offerings include personal banking, corporate banking, agricultural banking, international banking, and treasury services.

This comprehensive suite of services enables the bank to meet the varied needs of its customers effectively. 3.

Innovation and Technology:

To stay ahead in the digital age, the State Bank of India has embraced technology and innovation. It has implemented various digital solutions, such as mobile banking, internet banking, and mobile wallets, to provide customers with convenient and secure banking experiences.

These technological advancements have significantly transformed the way customers interact with the bank and manage their finances. 4.

Commitment to Social Responsibility:

The State Bank of India has a strong commitment to its corporate social responsibility (CSR) initiatives. It actively participates in various programs aimed at supporting education, healthcare, and environmental sustainability.

Through its CSR activities, the bank strives to make a positive impact on the communities it serves and contribute to the overall development of society. Topic 4: Common Uses of Swift Codes

Swift codes are integral to international banking transactions, providing a standardized method for identifying and communicating with financial institutions worldwide.

Let’s explore the common uses of Swift codes in more detail:

1. International Wire Transfers:

When sending money internationally, Swift codes ensure that the funds reach the correct recipient bank.

By including the Swift code in the transaction details, banks can accurately route the payment and ensure it arrives at the intended destination securely and efficiently. 2.

Foreign Currency Exchange:

Swift codes are also utilized when exchanging foreign currencies. When converting one currency into another, financial institutions rely on Swift codes to identify the relevant banks involved in the transaction.

This ensures that the currency exchange is executed accurately, with transparency and adherence to regulatory requirements. 3.

Business Correspondence:

Swift codes facilitate business correspondence between financial institutions. Banks use Swift codes to communicate important information such as account details, transaction confirmations, and inquiries.

This standardized method of communication allows for efficient and secure exchanges, reducing the potential for errors or miscommunication. 4.

Interbank Communication:

Financial institutions use Swift codes to communicate and settle transactions with other banks. For example, when banks need to transfer funds between their own accounts held with correspondent banks, they rely on Swift codes to ensure accurate routing and efficient transfers.

5. Securities Trading:

In the world of securities trading, Swift codes play a crucial role.

When buying or selling securities internationally, investors and financial institutions rely on Swift codes to accurately identify the involved parties, ensuring the smooth execution and settlement of transactions. 6.

Agent or Third-Party Payments:

Swift codes also come into play when making agent or third-party payments. For instance, if a company wants to pay its employees located in different countries, it will need to provide the necessary Swift codes to route funds to the respective local banks, enabling salary payments to be executed swiftly and accurately.

In conclusion, Swift codes are essential components of the international banking system. They enable secure and efficient transactions, facilitate communication between financial institutions, and ensure that funds reach their intended destinations.

The State Bank of India, with its extensive network and diverse range of services, serves as a prime example of the importance and significance of Swift codes in facilitating global financial interactions.

Popular Posts