SWIFT deadline nears: Indian banks face payment disruption risk
India's top private lenders are yet to fully migrate to a new
cross-border payments
messaging system ahead of a November deadline, officials aware of the migration said, raising disruption risks from non-compliance should the rollout stick to the announced schedule.
So far, only the
State Bank of India
(SBI) has fully transitioned to the
ISO 20022
SWIFT messaging standard, said two officials aware of the matter. India's compliance falls well below the global adoption rate of 43%, they said.
"Indian banks are major laggards in adopting ISO 20022; despite multiple deadline extensions, only SBI has transitioned to the new standards," said an official overseeing the migration. "While
SWIFT
has postponed the deadline a few times, we believe there will be no further extensions."
SWIFT-the Society for Worldwide Interbank Financial Telecommunication-is the backbone for global financial messaging, used by more than 11,000 banks worldwide to facilitate cross-border payments and settlements.
Another source highlighted the real-world impact of non-compliance, warning of potential payment disruptions.
"SWIFT has made it clear that the November 2025 deadline will not be deferred, so institutions that don't comply in time risk severe payment disruptions and penalties," the official said.
This creates a pressing need for banks to prioritise the upgrade to avoid disruption of critical international payment flows.
As per SWIFT, ISO 20022 enables richer, better structured and more granular data end-to-end to be carried in payments messages. The protocol ensures operational benefits that include improved analytics, less manual intervention, more accurate compliance processes, higher resilience, and improved fraud prevention measures.
Insiders suggested that in India, the slow pace of migration is due to the complex task of overhauling core systems.
ET in its March 5 edition had reported that while Indian banks are in talks with SWIFT on migrating to the ISO 20022 messaging standard, only four Indian banks have partially transitioned to the new system.
The report had also stated that SWIFT plans to impose penalties on banks still using the old set-up after the global deadline of November 25 ends as it has been suggesting speeding up migration to the new mechanism.
SWIFT has maintained that it is crucial that all financial institutions maintain their key objective to migrate to ISO 20022 and complete their implementation without delay.
Economic Times WhatsApp channel
)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
2 hours ago
- News18
PM Modi Welcomes QS World Rankings 2026 After Indian Universities Make Significant Advancements
QS World Rankings 2026: IIT Delhi has notably improved, moving up 27 positions to achieve the 123rd rank, a considerable leap from last year's 150th place. QS World Rankings 2026: Prime Minister Narendra Modi recently expressed his approval of the QS World University Rankings 2026, highlighting significant advancements made by Indian institutes this year. The Indian Institute of Technology (IIT) Delhi has notably improved, moving up 27 positions to achieve the 123rd rank, a considerable leap from last year's 150th place. 'The QS World University 2026 Rankings bring great news for our education sector. Our Government is committed to furthering research and innovation ecosystems for the benefit of India's youth," the prime minister posted on X. A total of 54 Higher Educational Institutions from India have been featured in the QS World University 2026 Rankings, marking a new high for the country, Education Minister Dharmendra Pradhan announced. The number of Indian universities in these rankings has increased from just 11 in 2014 to 54 in the latest list, he posted on X. This is a 390 per cent increase over the past decade. Pradhan expressed confidence that with the National Education Policy's focus on research, innovation, and internationalisation, even more Indian higher education institutions will achieve global excellence in the future. He added that India boasts the fastest-growing education system among G20 countries and ranks fourth in representation, following the US, UK, and China. Meanwhile, as per the QS rankings 2026, IIT Bombay slipped 11 places to 129th. In 2025, it was ranked 118th However, it remains the second-best ranked Indian institution globally. IIT Madras recorded one of the most dramatic improvements in 2026 – leaping 47 places to reach the 180th spot. This is the first time it has entered the global top 200. The QS World University Rankings, published annually by global higher education analytics firm Quacquarelli Symonds, assess universities based on a variety of performance indicators including academic reputation, faculty-student ratio, research impact, international student diversity, and graduate employability. First Published:
India Gazette
2 hours ago
- India Gazette
"Shouldn't worry, all our assets abroad are safe": Pranav Adani amid Israel-Iran tensions
By Vishu Adhana New Delhi [India], June 19 (ANI): Amid ongoing conflict in West Asia, Adani Enterprises Director Pranav Adani on Wednesday assured that the group's overseas assets remain secure. 'There are concerns, but luckily, all our assets abroad are safe. We shouldn't worry about it,' he told reporters on the sidelines of the Chintan Research Foundation's foundation day event. His remarks came as markets react to the worsening geopolitical situation in the Middle East. Adani Ports and Special Economic Zone fell for the seventh straight session, slipping 2.5% to Rs 1,338. Among the key concerns is the Haifa Port in northern Israel, which the Adani Group acquired in early 2023. The strategic facility, a crucial Indian commercial asset in the region, is operating under the shadow of regional conflict, particularly amid fears of escalation between Israel and Iran. Speaking at ANI, Pranav Adani also outlined the vision of the Chintan Research Foundation, which he said will focus on 'climate change, geopolitical issues and economic entry' as its initial areas of research. 'Evidence-based research has many responsibilities. These three pillars will be our starting point,' he said. He emphasised the need to focus on India's heartland. 'India is not only Delhi or the capital cities. The real India lives in Ranchi, Raipur, Bhubaneswar and the Northeast... That's where inclusive growth should be centred,' he said. CRF President Shishir Priyadarshi said the foundation aims to tackle hard truths and propose solutions with a focus on zero-emission goals, inclusive prosperity, and the Global South's emergence. 'The most challenging thoughts lead to the most rewarding destinations,' he said. (ANI)
India Gazette
2 hours ago
- India Gazette
India needs a scale of transformation to become 'Viksit Bharat' by 2047: Pranav Adani
New Delhi [India], June 19 (ANI): Pranav Adani, Director of Adani Enterprises, on Thursday said that the 'scale of transformation' is required for India to realise its full potential and become 'Viksit Bharat' by 2047. Speaking at the first foundation day of Chintan Research Foundation in New Delhi, Adani Enterprises Director said, 'The scale of transformation is required for India to realise the full potential and become 'Viksit Bharat' by 2047 as envisioned by PM Modi.' Speaking on the activities of the Chintan Research Foundation (CRF), he said that the CRF focuses on crucial issues like climate change, equitable energy transition, the evolving global economy, crucial supply chains and dynamic trade relations, and geopolitics that shape the world's future. 'For three decades now, the Adani Group has been driving growth and accelerating innovation by entering the toughest and most critical infrastructure sectors of our nation. We see the Chintan Research Foundation working on the same lines, entering critical areas of research, deliberation, recommendation and impact while upholding independence and editorial integrity,' Adani added. Separately, speaking to ANI on the economic growth of India, Pranav Adani said, 'I think India is right now in a very great situation. I think these 1.4 billion people that we have are our real asset, like we heard in one of the speakers, he said that 50 per cent of the economy is really engaged in the growth of the GDP, and the other 50 per cent is passive. Now that has to really come into focus, and I think that's when the real Indian growth story will happen, and I'm very optimistic. We as a group are very optimistic.' Emphasising inclusiveness, Adani Enterprises' Director stated that CRF's work and research should be diversified beyond national capital so that other regions get the benefit of the remote areas. 'Let us move beyond Delhi. India is not just one city or one region. It is a chorus of diverse voices across geographies. The time has come to be inclusive by reaching out to Ranchi, Raipur, Bhubaneswar, Bhopal, the northeast, the coastal areas, and the heartlands. Our work must extend to wherever our people are... The Chintan Research Foundation must deepen its presence across regions, conducting ground-level research, engaging with local policymakers and arranging events nationwide. This will help regional priorities to surface, and then our job is to bring them to the nation's attention,' Adani said. He further added that the foundation 'must offer policy narratives' to other developing countries. 'At the same time, our ambition must also cross borders and oceans. As the Global South rises, we must offer policy narratives to other developing countries based on our growth experience,' he added. Speaking to the media after the event, Adani also spoke about the safety and security of the projects of the Adani group, given the tensions in the Middle East, adding, 'all our assets abroad are safe.' 'There are concerns, but luckily, all our assets abroad are safe. We shouldn't worry about it,' he added. (ANI)
