Shanghai branch of which bank has become the first Indian Bank branch to be connected andamp; inducted to Chinaandrsquo;s National Advance Payment System (CNAPS)?a)Canara Bankb)State Bank of India(SBI)c)ICICI Bankd)HDFC Banke)None of theseCorrect answer is option 'B'. Can you explain this answer?

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Shanghai branch of which bank has become the first Indian Bank branch to be connected & inducted to China’s National Advance Payment System (CNAPS)?

a)
Canara Bank
b)
State Bank of India(SBI)
c)
ICICI Bank
d)
HDFC Bank
e)
None of these

Correct answer is option 'B'. Can you explain this answer?

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Test : August 2019 Weekly Current Affair - 1"

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Shanghai branch of which bank has become the first Indian Bank branch ...

India’s largest lender, State Bank of India’s(SBI) Shanghai branch has become the first Indian Bank to be connected to China’s National Advance Payment System (CNAPS). 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 china’s central Bank, ‘People’s Bank of China (PBOC)’.SBI Shanghai allows offering a real-time transfer of local funds within China through the PBOC route.CNAPS: The CNAPS, launched in 2008 allows PBOC, to provide real-time settlement services for all payments cleared in China, as well as in all clearing banks in offshore yuan(basic unit of the renminbi) centers, such as Hong Kong. It is complemented by its international counterpart, the CIPS (China International Payments System / Cross-Border Inter-Bank Payment System), launched in 2015 with the aim of boosting global use of the yuan.

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Shanghai branch of which bank has become the first Indian Bank branch to be connected & inducted to China’s National Advance Payment System (CNAPS)?a)Canara Bankb)State Bank of India(SBI)c)ICICI Bankd)HDFC Banke)None of theseCorrect answer is option 'B'. Can you explain this answer?

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