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SITHARAMAN DEEPENS INDIA'S ECONOMIC TIES WITH SRI LANKA
The Business Guardian
|November 03, 2023
SBI played a crucial role in extending a USD 1 billion Line of Credit from India to Sri Lanka during the recent economic crisis, highlighting strong bilateral relations and mutual cooperation
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During her official visit to Sri Lanka, Union Finance Minister Nirmala Sitharaman inaugurated a State Bank of India (SBI) branch in Trincomalee. The ceremony was attended by several dignitaries, including H.E. S Thondaman, the Governor of the Eastern Province in Sri Lanka, Gopal Baglay, India’s High Commissioner to Sri Lanka, and Chairman of SBI, Dinesh Khara. Sitharaman commended SBI’s legacy of serving Sri Lanka for 159 years and its commitment to expanding operations both domestically and internationally.
The presence of SBI in Sri Lanka played a crucial role in facilitating a Line of Credit worth USD 1 billion from the Government of India to Sri Lanka during the recent economic crisis, strengthening bilateral relations. SBI Sri Lanka continues to support international trade, promote remittances through digital platforms, and offer traditional in-branch services. There are currently five SBI branches in Sri Lanka, further enhancing economic cooperation between India and Sri Lanka.
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