The International Financial Services Centres Authority (IFSCA) on February 26, 2026, issued Directions on SWIFT-related operational requirements.
The International Financial Services Centres Authority has issued directions to International Banking Units (IBUs) to prevent delays in cross-border remittances caused by SWIFT messages being incorrectly routed to onshore bank accounts instead of IBU Nostro accounts.
IBUs must clearly identify their presence in GIFT IFSC by including “GIFT IFSC Banking Unit” in their SWIFT Bank Identifier Code name, configure routing systems to automatically direct messages to the correct BIC, widely publicize their BIC details, and ensure correspondent banks and clients use accurate transaction information. They are also required to use SWIFT broadcast messaging quarterly for one year starting from the quarter ending March 31, 2026.
All IBUs must comply immediately, with new IBUs required to follow these instructions from the start of operations. Compliance must be reported to the Authority by June 30, 2026.
[Circular No. IFSCA-FMPP0BR/12/2025-Banking]
