The SWIFT code (Society for Worldwide Interbank Financial Telecommunication) is a globally recognized system used to facilitate secure and standardized transactions between banks and financial institutions across the world. Each bank is assigned a unique SWIFT code, which helps ensure that international payments, money transfers, and communication between financial institutions are carried out smoothly and securely.
This article provides a detailed guide to the SWIFT code of Central Bank of India, one of India’s oldest and most reputed banks, along with a list of SWIFT codes for its key branches.
1. What is a SWIFT Code?
A SWIFT code (also known as a BIC – Business Identifier Code) is a standardized format consisting of either 8 or 11 alphanumeric characters. These characters help to uniquely identify the financial institution and its branches involved in the transaction. The code ensures that international transactions are routed to the correct bank in the intended country.
Each part of the SWIFT code has a specific meaning:
- First 4 characters: Bank Code (identifies the bank)
- Next 2 characters: Country Code (identifies the country)
- Next 2 characters: Location Code (identifies the bank’s head office)
- Optional last 3 characters: Branch Code (identifies a specific branch of the bank)
For example, the generic SWIFT code of the Central Bank of India is CBININBBXXX, where:
- CBIN stands for Central Bank of India,
- IN stands for India,
- BB is the location code, and
- XXX refers to the head office or a general branch (used when the branch is unspecified).
2. Central Bank of India – Overview
Founded in 1911, Central Bank of India is one of the oldest and largest commercial banks in the country. Headquartered in Mumbai, the bank provides a wide array of financial products and services, catering to millions of customers. Its extensive network of branches across India ensures that customers, both domestic and international, can easily manage their financial activities.
3. Why is a SWIFT Code Important?
The SWIFT code plays a crucial role in the following types of transactions:
- International Wire Transfers: When sending or receiving money internationally, the SWIFT code ensures that funds are routed to the correct bank and branch.
- Foreign Exchange Transactions: For currency exchanges and payments involving multiple currencies, SWIFT codes are essential for secure and accurate transactions.
- Bank-to-Bank Communication: Banks use SWIFT codes to communicate securely with one another, especially when processing transactions such as issuing letters of credit or dealing with treasury operations.
4. Central Bank of India SWIFT Codes
The Central Bank of India has multiple branches that use unique SWIFT codes for international transactions. Below is a list of some of the most prominent branches and their SWIFT codes.
| Branch Name | SWIFT Code |
|---|---|
| Central Bank of India, Mumbai (Head Office) | CBININBBXXX |
| Central Bank of India, New Delhi | CBININBBDEL |
| Central Bank of India, Kolkata | CBININBBKOL |
| Central Bank of India, Chennai | CBININBBCHN |
| Central Bank of India, Ahmedabad | CBININBBAHM |
| Central Bank of India, Bangalore | CBININBBBLR |
| Central Bank of India, Hyderabad | CBININBBHYD |
| Central Bank of India, Pune | CBININBBPUN |
| Central Bank of India, Lucknow | CBININBBLKO |
| Central Bank of India, Nagpur | CBININBBNAG |
Each of these branches uses the unique SWIFT code assigned to it for processing international payments and communication with foreign banks.
5. How to Use the SWIFT Code
To send money or make an international wire transfer, you need to provide certain details about the recipient and their bank. This includes the SWIFT code of the bank branch. Here’s how you can use the SWIFT code in a transaction:
- Recipient Information:
- Name of the recipient.
- Account number or IBAN (International Bank Account Number) of the recipient.
- Bank Details:
- Name of the bank (e.g., Central Bank of India).
- SWIFT code of the bank branch (e.g., CBININBBXXX for the Mumbai head office).
- Branch name and address (if required by the sender’s bank).
By including the SWIFT code in the transaction details, you ensure that the money is correctly routed to the recipient’s bank.
6. Frequently Asked Questions (FAQs) About SWIFT Codes
Q1. Can I use any Central Bank of India SWIFT code for an international transaction? No, you must use the SWIFT code specific to the branch where the recipient holds their account. Each branch has a unique SWIFT code for international transfers. However, if the branch does not have a specific SWIFT code, you can use the head office SWIFT code (CBININBBXXX).
Q2. What happens if I use the wrong SWIFT code? Using an incorrect SWIFT code may result in the transaction being delayed or rejected. In some cases, the funds may be routed to the wrong bank, which can cause significant delays in correcting the issue. Therefore, always double-check the SWIFT code before initiating a transfer.
Q3. Is SWIFT code required for domestic transactions within India? No, SWIFT codes are not used for domestic transactions within India. Instead, IFSC codes (Indian Financial System Code) are used for NEFT, RTGS, and IMPS transactions.
Q4. How can I find the SWIFT code of a specific Central Bank of India branch? You can easily find the SWIFT code of any Central Bank of India branch by:
- Visiting the official Central Bank of India website.
- Checking with your branch for the specific SWIFT code.
- Searching online databases that provide SWIFT codes for banks across the world.
7. Benefits of Using Central Bank of India for International Transactions
The Central Bank of India is a trusted institution when it comes to handling international transactions. Here are some of the benefits of using this bank for your cross-border financial needs:
- Wide Network of Branches: With a presence in almost every major city in India, Central Bank of India has a wide network of branches that facilitate international transactions.
- Reliable Services: The bank is known for its reliability and secure handling of international transfers, ensuring that funds reach their destination safely.
- Dedicated Customer Support: The bank offers excellent customer support services to resolve any issues or queries related to SWIFT codes and international money transfers.
8. Conclusion
The SWIFT code of Central Bank of India is essential for anyone who needs to send or receive money internationally. Whether you are sending funds for personal reasons or conducting business transactions, knowing the correct SWIFT code ensures that the money reaches the intended destination safely and securely.
Make sure to verify the SWIFT code of the Central Bank of India branch you are dealing with, as using the correct code is crucial for successful international banking transactions. Whether you are in Mumbai, Delhi, Kolkata, or any other city, the SWIFT code specific to your branch will play a key role in facilitating smooth and secure international payments.