SBI Boosts Border Trade with Landmark MoU

The State Bank of India has signed an MoU with the Land Ports Authority of India to enhance banking services at 26 land ports along India's borders. This strategic partnership aims to bolster trade and passenger movement, furthering India's economic growth and development goals.

The State Bank of India (SBI) has inked a Memorandum of Understanding with the Land Ports Authority of India (LPAI) to enhance banking services infrastructure across 26 border ports. The move is expected to significantly impact trade and passenger traffic between India and its neighbors.

Currently, LPAI operates 15 land ports across eight border states adjacent to nations like Nepal, Bangladesh, Bhutan, and Myanmar. Plans are already in place to develop 11 additional ports, further expanding the network's reach and trade capacity. These ports have seen a substantial rise in activity over the past decade.

Under the new agreement, SBI will offer banking needs like forex transactions and personal banking services, including digital solutions. Additionally, LPAI employees will benefit from corporate salary packages. The collaboration aims to increase current trade transactions from Rs 80,000 crore to an ambitious Rs 2 trillion by 2030.

(With inputs from agencies.)