Finance Minister Nirmala Sitharaman on Friday inaugurated the second State Bank of India branch in Jaffna, which will cater to emerging business potential in the Northern Provinces of Sri Lanka.
The finance minister had inaugurated another SBI branch in Trincomalee on November 2.
“The Finance Minister appreciated that SBI became the first foreign Bank in Sri Lanka to successfully launch pathbreaking direct LKR-INR trade. 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 finance ministry said in a post on X.
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.
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