BANKING - 2019 August

August 2

The State Bank of India's (SBI) Shanghai branch has become the first Indian bank to link up with China’s National Advance Payment System (CNAPS). After being a member of the CNAPS, SBI Shanghai can also offer real time transfer of local funds within China by routing them through the PBOC. It eliminates the need of tie up and maintenance of accounts with multiple Banks for fund transfer. 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.