Discussion
Which of the following is used for International Monetary Transfer?
Answer: C
Correct answer: SWIFT
SWIFT - the Society for Worldwide Interbank Financial Telecommunication - is the network banks use to exchange the instructions that move money across borders. Strictly it is a secure messaging system rather than a settlement system: it carries the payment instruction, while the funds move through correspondent accounts between the banks.
RTGS and NEFT are domestic Indian systems operated by the RBI, settling rupee payments between banks within India. Neither has any role in international transfers, which is the distinction the question is testing.
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