SBI Savings Accounts To Fetch Lesser Interest From November 1
Festive cheer limited to e-commerce players this year
Shoaib Akhtar Pays Captain Virat Kohli The Ultimate Compliment
Pakistan to be blacklisted? FATF to review Imran Khan's measures on tackling terror funding
Indian-origin economist Abhijit Banerjee awarded Nobel Prize
India vs South Africa: Virat Kohli Breaks Massive Don Bradman Record
No More Trees To Be Cut In Mumbai's Aarey Till October 21, Says Top Court
Repo rate cut by 25 basis points; loans to get cheaper
Will Bring Citizenship Law, Throw Out Infiltrators: Amit Shah In Kolkata
After a crash in sales, auto dealers now witness 10% drop in service spends
No Bail For P Chidambaram; May Influence Witnesses, Says Delhi High Court
Commerce Ministry bans exports of e-cigarettes, e-hookah
India Finish Seventh In 4x400m Mixed Relay Final, Record Season Best Timing
PM Narendra Modi, Imran Khan to face off at 74th UNGA session today
BJP Wins Hamirpur Assembly By Election In Uttar Pradesh.
SBI have come out with repo-linked home loans
PM Modi announces $150 million line of credit to group of Pacific island nations
GST Council to decide on rate cut for automobiles next week, says FM Sitharaman
Rupee vs dollar: Rupee logs biggest single-day fall in 2019, loses 97 paise amid weak domestic equities
Steve Smith Dethrones Virat Kohli To Take Top Spot In Test Rankings

Latest Posts

SBI becomes 1st Indian bank to link up with China's National Advance Payment System

The State Bank of India's Shanghai branch is now connected to China's National Advance Payment System (CNAPS), becoming the first Indian Bank to operationalise it, a senior bank official said on Friday.

The CNAPS, launched in 2008 by People's Bank of China (PBOC) provides 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.

The CIPS already has participants from multiple countries across the globe.

The SBI is the only Indian bank to have obtained the license to do business in local currency and also inducted to the CNAPS by the PBOC as on date, K Swaminathan, Chief Executive Officer of SBI, Shanghai said on Friday.

The SBI has obtained the PBOC approval in December 2016 for implementation of the CNAPS and after successful installation of various hardware and software, testing it is now connected to the PBOC live system on July 8, 2019, he said.

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, he said.

The CNAPS will also be used for cross border RMB payments which are hitherto being made through local correspondent banks.

This will also give SBI opportunity to do business of Bankers acceptance drafts (BAD), he said.The SBI has started its representative office in 1997 and began its commercial operation in 2006.

Currently, it is the only Indian bank with license to deal in RMB, the local currency, as well as foreign currency.

With total customer credit of nearly $500 million and staff strength of 40 people that includes 32 Chinese nationals, the bank has always been at the forefront of facilitating India-China trade and investments apart from serving the Indians working in China in the field of IT and others, Swaminathan said.

The bank extends bank guarantee facility to Chinese corporates undertaking various construction, tech, and investment projects, he said. The bank has also been extending term as well working capital credit facilities to Indian corporates and companies promoted by Indians in China to facilitate Indian investment in China, he said.

The bank has also been an active participant in local syndication arranged by major foreign as well as Chinese banks.

Other than the activities on asset side, the bank has been facilitating Indians working in China in their remittance as well as other banking needs, he said.

×

Alert Message

Ok
Please Wait...

Share the Opinion Poll with your Friends At

Ok

Share the Survey with your
Friends At

Ok
×

Statistics

Ok
No
×

Statistics

Ok