Discussion
What does F stands for in SFMS?
Answer: B
Correct answer: Financial
SFMS is the Structured Financial Messaging System, the secure messaging backbone for interbank communication within India.
It carries the messages behind RTGS and NEFT and also inland letters of credit and bank guarantees, using standardised message formats so that one bank's system can act on another's instruction without manual intervention. It is in effect a domestic counterpart to SWIFT, which serves the same purpose internationally - the message layer, distinct from the settlement system it instructs.
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