The Shanghai branch of the State Bank of India is now linked to China’s National Advance Payment System (CNAPS). The bank becomes the first Indian banking institution to operationalize the system. China’s central bank, the People’s Bank of China, had launched the CNAPS in 2008 providing real-time settlement services for all payments cleared in mainland China, as well as in all clearing banks in offshore yuan centers. The system is complemented by its international counterpart, 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.
