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SBI becomes first Indian bank to link up with China’s National Advance Payment System

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 ..

India first nation to subsidize online payments

India has become the first country in the world to subsidise the use of digital cash after the government announced measures like discounts on online payments for insurance policies, rail tickets and highway toll charges and waiver for service tax on online transactions below Rs 2,000. In countries like US, Sweden and Singapore, the inducement ..