FM Nirmala Sitharaman appreciates SBI for successfully launching direct Lankan-Indian Rupee trade

Union Finance Minister Nirmala Sitharaman on Friday appreciated the State Bank of India (SBI) for becoming the first foreign bank in Sri Lanka to successfully launch a pathbreaking direct Sri Lankan Rupee-Indian Rupee trade..

Charles, the Governor of Northern Province, inaugurated the second SBI branch in Jaffna...

"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 ministry said.. "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.. Sitharaman noted that the branch at Jaffna would cater to emerging business potential in the Northern Provinces of Sri Lanka...

The finance minister also visited Jaffna Cultural Centre and Jaffna Public Library during the last day of her official visit to Sri Lanka on Friday, the Ministry of Finance said on X...

Abdul Kalam, and Tamil poet and philosopher Thiruvalluvar, the ministry said.. Sitharaman was in the island nation to participate as the Guest of Honour in 'NAAM 200', organised by the Government of Sri Lanka on Thursday, to commemorate the 200th anniversary of the arrival of Indian-origin Tamils to the island nation..

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