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.
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.
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.
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.
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.
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