Union Finance Minister Nirmala Sitharaman on Thursday inaugurated State Bank of India’s (SBI) department in Trincomalee, Sri Lanka. SBI, with its 159 years of serious presence, is the oldest financial institution in Sri Lanka.
“Union Finance Minister Nirmala Sitharaman inaugurated State Bank of India Branch in Trincomalee, today, during her official visit to Sri Lanka,” the finance ministry mentioned in a publish on X.
After the inauguration, Sitharaman interacted with the brand new department officers and distributed passbooks to new clients, moreover filling the customer’s guide in Trincomalee, Sri Lanka.
The ministry mentioned SBI in Sri Lanka continues to scale up remittance by a strong digital platform by way of SBI Sri Lanka YONO app and on-line banking, along with the in-department operations.
“Besides, SBI Sri Lanka continues to play vital role by supporting corporates in international trade,” it mentioned.
During the Sri Lankan financial disaster, SBI’s presence in Sri Lanka paved the way in which for a clean extension of Line of Credit value $1 billion by the Govt of India to Sri Lanka.
Senthil Thondaman, governor of Eastern Province, Sri Lanka; Gopal Baglay, India’s High Commissioner to Sri Lanka; and SBI Chairman Dinesh Khara have been additionally current on the inauguration.
SBI in March accomplished its first non-greenback transaction with Sri Lanka, by paying for exports in Sri Lankan rupees as India seems to carry nations which are in need of U.S. {dollars} into the commerce mechanism.
The transfer got here as Sri Lanka grappled with its worst financial disaster since its independence, triggered by a scarcity of {dollars}. The island nation’s foreign exchange reserves had stood at $2.1 billion as of end-January.
