Sri Lanka: Finance Minister Nirmala Sitharaman Inaugurates SBI Branch In Trincomalee

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New Delhi ‘ 2nd Nov 2023: Union Finance Minister, Nirmala Sitharaman, marked her official visit to Sri Lanka by inaugurating the State Bank of India (SBI) branch in Trincomalee.

Ministry of Finance posted on X, “Union Finance Minister Smt. @nsitharaman inaugurated the State Bank of India @TheOfficialSBI Branch in Trincomalee, today, during her official visit to Sri Lanka. H.E. Mr. @S_Thondaman, Governor of Eastern Province, Sri Lanka; Shri Gopal Baglay, India’s High Commissioner to Sri Lanka, and Chairman @TheOfficialSBI Shri Dinesh Khara were also present at the inauguration”

The event 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.

During the inaugural ceremony, Sitharaman acknowledged the remarkable legacy of the State Bank of India, which has been serving Sri Lanka for 159 years.

She commended SBI’s dedication to expanding its operations both domestically and internationally.The presence of SBI in Sri Lanka has played a crucial role, particularly during the recent Sri Lankan economic crisis.It facilitated the smooth extension of a Line of Credit worth USD 1 billion from the Government of India to Sri Lanka, further strengthening the bilateral relationship.

Furthermore, SBI Sri Lanka continues to play a vital role in supporting corporates engaged in international trade.The bank has been actively promoting remittances through a robust digital platform, including the SBI Sri Lanka YONO app and online banking services, in addition to traditional in-branch operations.

Following the inauguration, Sitharaman had the opportunity to interact with the new branch officials and distribute passbooks to new customers. She also left her mark in Trincomalee, Sri Lanka, by filling the visitor’s book.

There are currently five branches of SBI Sri Lanka in operation- the Fort and Foreign Currency Banking Unit (FCBU) branches in the main Fort building, the Colpetty branch, the Wellawatta branch, and the Kandy branch. Every Branch is connected to every other Branch via a network.Trincomalee, a region in Sri Lanka, hosts several Indian businesses, including oil marketing companies and petrochemical infrastructures, underlining the robust economic ties between the two nations.

This initiative further strengthens the financial and economic cooperation between India and Sri Lanka.