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State Bank of India connects to China's National Advance Payment System

State Bank of India has connected to China's National Advance Payment System, or CNAPS, making it the first Indian lender to use the system, the Press Trust of India reported Aug. 2, citing K. Swaminathan, CEO of the bank's Shanghai operations.

The lender is the only Indian bank to have obtained a license to do business in yuan and also inducted to CNAPS by China's central bank, Swaminathan said.

CNAPS provides real-time settlement services for all payments cleared in China, as well as in all clearing banks in offshore yuan centers, the news outlet reperoted.

As a member of CNAPS, State Bank of India's Shanghai branch can offer real-time transfer of local funds within China.