FM Nirmala Sitharaman appreciates SBI for successfully launching direct Lankan-Indian Rupee trade
Finance Minister Nirmala Sitharaman on Friday appreciated the State Bank of India (SBI) for becoming the first foreign bank in Sri Lanka to successfully launch a pathbreaking direct Sri Lankan Rupee-Indian Rupee trade. Sitharaman, who is 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 Union Finance Minister appreciated that SBI became the first foreign Bank in Sri Lanka to successfully launch pathbreaking direct LKR-INR trade,» the ministry said on X.
«This initiative has gained momentum and found currency among local corporates, besides giving vital support to the Sri Lankan economy by giving an option to importers of Sri Lanka without dependency on the US Dollar,» the ministry said.
«Being 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,» it said.
Sitharaman noted that the branch at Jaffna would cater to emerging business potential in the Northern Provinces of Sri Lanka.
The finance minister had inaugurated another SBI branch in Trincomalee on Thursday.
During her visit to Sri Lanka, Sitharaman met President Ranil Wickremesinghe and also called on the powerful Buddhist clergy in the central town of Kandy.
Sri Lanka is a predominantly Buddhist nation.
She also met Prime Minister Dinesh Gunawardena and leaders of the Indian-origin plantation community.
