FM Nirmala Sitharaman lauds SBI for successful launch of direct Lankan-Indian Rupee trade
FM Nirmala Sitharaman lauds SBI for successful launch of direct Lankan-Indian Rupee trade
Finance Minister Nirmala Sitharaman has lauded the State Bank of India (SBI) for emerging the first foreign bank in Sri Lanka to successfully launch a pathbreaking direct
Sri Lankan Rupee-Indian Rupee trade.
Sitharaman, on a three-day official visit to the crisis-hit island nation, along with P.S.M. Charles, the Governor of Northern Province, inaugurated the second SBI branch in Jaffna. SBI Chairman Dinesh Khara and Gopal Baglay, India’s High Commissioner to Sri Lanka, were also present during the event.
The Ministry articulated that this initiative has gained momentum and found currency among local corporates, apart giving vital support to the
Sri Lankan economy by giving an option to importers of
Sri Lanka without dependency on the US Dollar.
As the oldest bank in Sri Lanka, SBI is steadily scaling up its remittance services by leveraging a strong digital platform, which includes the SBI Sri Lanka YONO app and online banking, alongside its traditional in-branch operations. Sitharaman noted that the Jaffna branch would cater to emerging business potential in the Northern Provinces of
Sri Lanka.
News Edit K.V.Raman
