Finance Minister Nirmala Sitharaman inaugurates SBI branch in Sri Lanka | Mint
Active Stocks
Thu Feb 22 2024 15:29:56
  1. Bharti Airtel share price
  2. 1,134.50 -0.46%
  1. Tata Steel share price
  2. 145.85 1.39%
  1. State Bank Of India share price
  2. 765.95 -0.73%
  1. HDFC Bank share price
  2. 1,419.80 -1.28%
  1. Power Grid Corporation Of India share price
  2. 282.55 0.86%
Business News/ Industry / Banking/  Finance Minister Nirmala Sitharaman inaugurates SBI branch in Sri Lanka
BackBack

Finance Minister Nirmala Sitharaman inaugurates SBI branch in Sri Lanka

Finance Minister Nirmala Sitharaman opens branch of State Bank of India (SBI) in Sri Lanka's Trincomalee, appreciates its role in supporting corporates in international trade.

Union Finance Minister Nirmala Sitharaman inaugurated the State Bank of India (SBI) Branch in Trincomalee on Thursday during her official visit to Sri Lanka. Premium
Union Finance Minister Nirmala Sitharaman inaugurated the State Bank of India (SBI) Branch in Trincomalee on Thursday during her official visit to Sri Lanka.

Finance Minister Nirmala Sitharaman on Thursday visited Sri Lanka's eastern port town of Trincomalee where she opened a branch of the State Bank of India and appreciated its role in supporting corporates in international trade.

Sitharaman, who is in the country on a three-day visit, started her day by visiting the main Hindu Temple in the multi-ethnic city to pay homage to it before opening a branch of the State Bank of India in Trincomalee.

Senthil Thondaman, the Governor of Eastern Province, Gopal Baglay, India’s High Commissioner to Sri Lanka, and Chairman SBI Dinesh Khara were also present at the inauguration.

After inaugurating the branch, Sitharaman appreciated 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.

Besides, SBI Sri Lanka continues to play a vital role by supporting corporates in international trade.

Also read: SBI raises Rs10,000 crore Tier 2 Bonds at coupon rate of 7.81%

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

Sitharaman later visited the Lanka Indian Oil Company complex in the port city.

As Sitharaman visited the country, the two nations also held the 12th round of the Economic and Technology Cooperation Agreement (ETCA), which had been stalled since 2018.

Also read: Use tech to catch big fish in illegal cross-border trade, FM Nirmala Sitharaman tells probe agencies

The talks, from October 30 to November 1, commenced following the visit by Sri Lankan President Ranil Wickremesinghe to Delhi in late July.

Both Wickremesinghe and Prime Minister Narendra Modi had agreed to enhance bilateral trade and investment.

The 12th round covered goods, services, rules of origin, trade remedies, customs procedures and trade facilitation, technical barriers to trade and a range of topics, a press release said.

The 19-member Indian official delegation was led by Anant Swarup, the chief negotiator and the joint secretary of the Department of Commerce and Industry of India.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Industry News, Banking News and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 02 Nov 2023, 02:40 PM IST
Next Story footLogo
Recommended For You
Banking Stocks
₹1,084.151.52%
₹1,438.2-1.28%
₹1,050.051.3%
₹128.30.55%
₹771.55-0.73%
Switch to the Mint app for fast and personalized news - Get App