Does Independent Bank still exist?
Yes, India uses the SWIFT (Society for Worldwide Interbank Financial Telecommunication) code system for international banking transactions. While India does not utilize the International Bank Account Number (IBAN) system—which is more common in Europe—the SWIFT code is an essential requirement for sending money to India from abroad. The SWIFT code acts as a unique universal identifier for a specific bank, ensuring that international remittances are routed to the correct institution. When making an international transfer, the sender must provide the recipient's full name, account number, and the correct SWIFT code of the recipient’s bank to ensure the transaction is successful and to avoid potential delays or rejections caused by using outdated or incorrect bank identifiers.
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