Indian finance minister inaugurates new SBI branch in Sri Lanka, another to follow

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Indian finance minister inaugurates new SBI branch in Sri Lanka, another to follow
Credit: © Reuters.

Union Finance Minister of India, Nirmala Sitharaman, inaugurated a new branch of the State Bank of India (SBI) in Trincomalee, Sri Lanka today. The event was attended by key figures such as Eastern Province Governor Senthil Thondaman, Indian High Commissioner Gopal Baglay, and SBI Chairman Dinesh Khara. During the inauguration, Sitharaman acknowledged SBI's significant history in Sri Lanka, dating back to 1864, and its vital role during the country's economic crisis by facilitating a $1 billion line of credit.

The bank has been instrumental in supporting international trade for corporates and enhancing remittance through its YONO app and online banking. This new branch is part of SBI's ongoing expansion in Sri Lanka, where it has been a key player in the banking sector since its initial operations focused on coffee export and government business via its Colombo branch. The bank's presence later extended to Wellawatte, Colpetty, and Kandy.

In addition to the Trincomalee branch inauguration, Sitharaman is set to open another SBI branch in Jaffna. This is part of her trip to Sri Lanka where she will also provide a keynote speech at the India Sri Lanka Business Summit. The two new branches represent SBI's continued commitment to expanding its operations and services in Sri Lanka, further strengthening the bank's ties with the nation.

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