SBI Catalyzes INR Trade and Remittances in Strengthened India-Israel Ties

Amid bolstered India-Israel strategic relations and Free Trade Agreement talks, SBI in Israel gears up to facilitate trade using the Indian rupee. The initiative includes enabling remittances for Indian workers, promoting trade in rupees, and supporting Indian-Israeli corporate connections.

In light of deepening strategic relations between India and Israel, the State Bank of India (SBI) is playing a pivotal role in facilitating trade in Indian rupees for the first time in Israel. As the sole Indian bank operating in Israel, SBI is enhancing bilateral commerce as the two countries move closer to a Free Trade Agreement.

The Reserve Bank of India has sanctioned Indian banks, including SBI, to enable the settlement of exports and imports in INR. This development positions Israel as a critical partner under the mechanism, explains V Manivannan, CEO of SBI Israel. Israeli exporters and importers engaging in this trade framework will transact in rupees through Special Rupee Vostro Account arrangements.

Additionally, with a growing influx of Indian workers in Israel, SBI Tel Aviv branch is streamlining the process of opening NRI accounts and remittance services. With strategic collaborations and enduring operations since 2007, despite regional challenges, SBI remains committed to facilitating global connections for Indian and Israeli businesses.

(With inputs from agencies.)