SBI (Shanghai) becomes 1st Indian bank to link up with China payment system

SBI (Shanghai) becomes 1st Indian bank to link up with China payment system

• The State Bank of India (Shanghai branch) has become the first Indian Bank to be connected to the connected to China’s National Advance Payment System (CNAPS).

• CNAPS is a real-time settlement services for all payments cleared in mainland China, as well as in all clearing banks in offshore yuan centers, such as Hong Kong. The CNAPS system is complemented by its international counterpart, the CIPS (China International Payments System or Cross-Border Inter-Bank Payment System), launched in 2015 with the aim of boosting international use of the Chinese currency, yuan.

• SBI is the only Indian Bank to have obtained the license to do business in local currency and also inducted to the CNAPS.

Points to remember:

1. 1st Indian bank to link up with China payment system?- SBI
2. Name of Payment system of China?- CNAPS and CIPS
3. CNAPS is a Payments system of which country?