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India is looking to set up its own international financing messaging system along the lines of SWIFT (Society for Worldwide Interbank Financial Telecommunications), the channel used worldwide to transfer funds and securities across borders.
India is planning to establish its own international financing messaging system to assist with the government's goal of internationalising the Indian currency, according to insiders. An expert committee is exploring options and is aiming to issue findings by August. State Bank of India, Bank of Baroda and Central Bank of India are among the banks being consulted.