https://sputniknews.in/20231103/state-bank-of-india-opens-new-branch-in-sri-lanka-5221487.html
State Bank Of India Opens New Branch In Sri Lanka
State Bank Of India Opens New Branch In Sri Lanka
Sputnik India
Sri Lanka and India are getting closer for mutual benefits. Opening up of SBI's new branch is expected to boost the relations between the two neighbors further.
2023-11-03T16:35+0530
2023-11-03T16:35+0530
2023-11-03T16:35+0530
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To further strengthen its ties with Sri Lanka, the Indian government has opened a branch of State Bank of India, an Indian multinational public sector bank and financial services company, in Sri Lanka's eastern port city of Trincomalee.On the occasion, the Indian minister said that SBI, with its 159 years of significant presence, is the oldest bank in Sri Lanka and continues to grow its business at home and abroad.During the Sri Lankan economic crisis, SBI's presence in Sri Lanka paved the way for a smooth extension of the Line of Credit worth USD 1 billion by India to Sri Lanka, the reports said, adding that SBI Sri Lanka continues to play a significant role by supporting corporates in international trade.In January this year, India became the first country to hand over its letter of support for financing and debt restructuring of Sri Lanka to the International Monetary Fund (IMF).In 2022, India was Sri Lanka’s largest trading partner and the use of Indian currency - Rupees - for trade settlement is further helping Sri Lanka’s economy, the reports said.Last year, India was once again the largest source of tourists for Sri Lanka with over 100,000 Indian people visiting the country.
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State Bank Of India Opens New Branch In Sri Lanka
Sri Lanka and India are drawing closer together for mutual benefit. The opening of SBI's new branch is expected to further strengthen ties between the two neighbours.
To further strengthen its ties with Sri Lanka, the Indian government has opened a branch of State Bank of India, an Indian multinational public sector bank and financial services company, in Sri Lanka's eastern port city of Trincomalee.
Indian Finance Minister Nirmala Sitharaman, who is on a three-day official visit to the island nation, inaugurated the bank's branch and appreciated its role in supporting corporates in international trade, reports said.
On the occasion, the Indian minister said that SBI, with its 159 years of significant presence, is the oldest bank in Sri Lanka and continues to grow its business at home and abroad.
During the Sri Lankan economic crisis, SBI's
presence in Sri Lanka paved the way for a smooth extension of the Line of Credit worth USD 1 billion by India to Sri Lanka, the reports said, adding that SBI Sri Lanka continues to play a significant role by supporting corporates in international trade.
Sri Lanka was hit by a serious financial crisis in 2022 due to a severe paucity of foreign exchange reserves, and India extended multi-pronged assistance to it.
In January this year, India became the first country to hand over its letter of support for financing and debt restructuring of Sri Lanka to the International Monetary Fund (IMF).
In 2022, India was Sri Lanka’s largest trading partner and the use of Indian currency - Rupees - for trade settlement is further helping Sri Lanka’s economy, the reports said.
Last year, India was once again the largest source of tourists for Sri Lanka with over 100,000 Indian people visiting the country.
