SBI new branch inaugurated in Sri Lanka by FM Sitharaman

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Union Finance Minister Nirmala Sitharaman on Thursday inaugurated State Bank of India’s (SBI) branch in Trincomalee, Sri Lanka. SBI, with its 159 years of significant presence, is the oldest bank 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 said in a post on X.

After the inauguration, Sitharaman interacted with the new branch officials and distributed passbooks to new customers, besides filling the visitor’s book in Trincomalee, Sri Lanka.

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The ministry said that SBI in Sri Lanka continues to scale up remittance through a robust digital platform via SBI Sri Lanka YONO app and online banking, in addition to the in-branch operations.

During the Sri Lankan economic crisis, SBI’s presence in Sri Lanka paved the way for a smooth extension of Line of Credit worth $1 billion by the Govt of India to Sri Lanka.

SBI in March completed its first non-dollar transaction with Sri Lanka, by paying for exports in Sri Lankan rupees as India looks to bring countries that are short of U.S. dollars into the trade mechanism.

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The move came as Sri Lanka grappled with its worst economic crisis since its independence, triggered by a shortage of dollars. The island nation’s forex reserves had stood at $2.1 billion as of end-January.

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