Will Indian banks meet the SWIFT ISO 20022 implementation deadline?

Synopsis

Indian banks are accelerating efforts to fully implement SWIFT's ISO 20022 messaging standard by the November 2025 deadline, driven by directives from the Ministry of Finance and the RBI. Several major banks, including SBI and ICICI Bank, have already migrated to the new system. Failure to comply with the deadline could result in payment disruptions and penalties.

Mumbai: Following a concerted push from the Ministry of Finance and the Reserve Bank of India (RBI), local banks are stepping up efforts to fully implement SWIFT's ISO 20022 messaging standard by the November 22 deadline. Failure to meet the deadline exposes lenders to payment disruption risks.

According to sources, Indian banks are on track to achieve 100% implementation by the mandated switchover date.

As of end-August 2025, banks in India had achieved 40% implementation, trailing the global average of 65%. State Bank of India, ICICI Bank, Axis Bank, Bank of India, and IndusInd Bank have already migrated to the new system, according to people familiar with the matter.

ET in its edition dated June 18 had reported that only SBI had transitioned to the new system.

"After directives from both the finance ministry and the RBI, banks have accelerated the development of IT systems required to adopt the new SWIFT messaging framework," said an official aware of the developments. "By the switchover date, 100% of Indian banks will be ready to process cross-border payments."

SWIFT has reiterated that the November 2025 deadline will not be extended.

Institutions failing to comply risk severe payment disruptions and potential penalties.

SWIFT-the Society for Worldwide Interbank Financial Telecommunication-serves as the backbone of global financial messaging, used by over 11,000 banks worldwide to enable cross-border payments and settlements. According to SWIFT, ISO 20022 allows richer, better-structured, and more granular data to be carried in payment messages.

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