Now China launches 'super online banking'

Wednesday, September 01, 2010 12:04:38 PM, IANS

Beijing: China's central bank has started a "super online banking system" that would allow customers to access any number of accounts through a single website.

The People's Bank of China has started an "online payment inter-bank clearing system", which supports real-time inter-bank transfers and inter-bank balance inquiries, China Daily reported.

The banking system links online different commercial banks and enables customers to access multiple accounts on a single website.

Before the launch of the new system, customers had to log on to different banks' websites to manage their accounts, and inter-bank transfers usually took one or two days.

The charges for the new system have not been finalised.

At present, commercial banks in China charge different fees for inter-bank transfers.

The "super online banking system" will surely increase banks' efficiency in the long run, said Guo Tianyong, head of the China Banking Research Centre at the Central University of Finance and Economics.

Home | Top of the Page

Comment on this article

Top Stories

India ups Pakistan flood aid to $25 mn

India has increased its aid for Pakistan flood victims to $25 million from the $5 million announced earlier, but the assistance   »

Thank you India! says Pakistan with box of mangoes

Badal calls up counterpart in Pakistan, offers help

  Most Read

Indian wins American science journalism award

India's Pallava Bagla has won the American Geophysical Union (AGU) David Perlman Award for Excellence in Science Journalism for his articles on the impact of climate change on Himalayan glaciers  »

Free foodgrains for poor: Pawar gets apex court flak

The Supreme Court Tuesday came down heavily on union Agriculture Minister Sharad Pawar for saying that the court's suggestion   »

Monsoon session: Only 19 of planned 33 bills passed

The government managed to get passed only 19 out of the 33 bills it planned to introduce in parliament in the monsoon session that concluded Tuesday. The government originally wanted to introduce 35 bills. But since nearly 50   »

Abrar & Nafees among 26 outstanding sportspersons in MP

Madhya Pradesh Sports award namely Eklavya (to junior) and Vikram (to senior) along with Vishwamitra (to coaches) were presented to outstanding sportspersons in  »

Ayodhya Verdict: Uttar Pradesh seeks central support

The Uttar Pradesh government has sought 35,000 paramilitary personnel as part of its contingency planning ahead of the much-awaited verdict in the volatile 125-year-old Ramjanmbhoomi-Babri Masjid case. A three-judge special bench of the Allahabad High Court, which concluded its hearing in the  long pending case last month   »

Picture of the Day

Audience are all ears as a participants recites the Holy Quran at the All Maharashtra competition held at Hajj House in Mumbai from August 26-28. The competition is considered as one of the biggest Quran competitions on the Indian soil in recent history.

(Photo: Obaid Khan)