Daily Current Affairs Quiz 2019<\/a><\/strong><\/p>\n\n\n\n“We advise that the ‘Bank of China Limited’ has been\nincluded in the Second Schedule to the Reserve Bank of India Act,\n1934…,” the central bank said.<\/p>\n\n\n\n
In another notification, the RBI said ‘Jana Small Finance\nBank Limited’ too has been included in the Second Schedule.<\/p>\n\n\n\n
Further, the name of ‘The Royal Bank of Scotland plc’ has\nbeen changed to ‘NatWest Markets Plc’ in the Second Schedule.<\/p>\n\n\n\n
Meanwhile, ‘National Australia Bank’ has ceased to be a\nbanking company within the meaning of the Banking Regulation Act, the RBI said\nand added that it has been excluded from the Second Schedule.<\/p>\n\n\n\n
The State Bank of India’s Shanghai branch is now connected\nto China’s National Advance Payment System (CNAPS), becoming the first Indian\nBankNSE -1.36 % to operationalise it, a senior bank official said.<\/p>\n\n\n\n
The CNAPS, launched in 2008 by People’s Bank of China (PBOC)\nprovides real-time settlement services for all payments cleared in mainland\nChina, as well as in all clearing banks in offshore yuan centers, such as Hong\nKong.<\/p>\n\n\n\n
The CNAPS system is complemented by its international\ncounterpart, the CIPS (China International Payments System or Cross-Border\nInter-Bank Payment System), launched in 2015 with the aim of boosting\ninternational use of the Chinese currency, yuan.<\/p>\n\n\n\n
The CIPS already has participants from multiple countries\nacross the globe.<\/p>\n\n\n\n
The SBI is the only Indian bank to have obtained the license\nto do business in local currency and also inducted to the CNAPS by the PBOC as\non date, K Swaminathan, Chief Executive Officer of SBI, Shanghai told.<\/p>\n\n\n\n
The SBI has obtained the PBOC approval in December 2016 for\nimplementation of the CNAPS and after successful installation of various\nhardware and software, testing it is now connected to the PBOC live system on\nJuly 8, 2019, he said.<\/p>\n\n\n\n
After being a member of the CNAPS, SBI Shanghai can also\noffer real time transfer of local funds within China by routing them through\nthe PBOC.<\/p>\n\n\n\n
It eliminates the need of tie up and maintenance of accounts\nwith multiple Banks for fund transfer, he said.<\/p>\n\n\n\n
The CNAPS will also be used for cross border RMB payments\nwhich are hitherto being made through local correspondent banks. This will also\ngive SBI opportunity to do business of Bankers acceptance drafts (BAD), he\nsaid.<\/p>\n\n\n\n
The SBI has started its representative office in 1997 and\nbegan its commercial operation in 2006.<\/p>\n\n\n\n
Currently, it is the only Indian bank with license to deal\nin RMB, the local currency, as well as foreign currency.<\/p>\n\n\n\n
With total customer credit of nearly USD 500 million and\nstaff strength of 40 people that includes 32 Chinese nationals, the bank has\nalways been at the forefront of facilitating India-China trade and investments\napart from serving the Indians working in China in the field of IT and others,\nSwaminathan said.<\/p>\n\n\n\n
The bank extends bank guarantee facility to Chinese\ncorporates undertaking various construction, tech, and investment projects, he\nsaid.<\/p>\n\n\n\n
The bank has also been extending term as well working\ncapital credit facilities to Indian corporates and companies promoted by\nIndians in China to facilitate Indian investment in China, he said.<\/p>\n\n\n\n
The bank has also been an active participant in local\nsyndication arranged by major foreign as well as Chinese banks.<\/p>\n\n\n\n
Other than the activities on asset side, the bank has been\nfacilitating Indians working in China in their remittance as well as other\nbanking needs, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Reserve Bank of India allowed Bank of China to offer regular banking services in the country. All commercial banks, like SBI, HDFC Bank, Punjab National Bank and ICICI Bank, are in the Second Schedule. Banks falling under this schedule have to adhere to the norms of the RBI. Daily Current Affairs Quiz 2019 “We […]<\/p>\n","protected":false},"author":13,"featured_media":4329,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[45],"tags":[336],"class_list":["post-4328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-articles","tag-bank-of-china"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4328","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=4328"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4328\/revisions"}],"predecessor-version":[{"id":4330,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/4328\/revisions\/4330"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/4329"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=4328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=4328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=4328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}