SBI To Enhance Banking Infrastructure In 26 Land Ports Bordering Nepal, Bangladesh, Bhutan and Myanmar

New Delhi, Apr 30 (KNN) The State Bank of India (SBI) on Tuesday signed a Memorandum of Understanding (MoU) with the Land Ports Authority of India (LPAI) to enhance banking infrastructure across 26 land ports situated along India’s borders with Nepal, Bangladesh, Bhutan, and Myanmar.

Currently, LPAI operates 15 land ports in eight states and has 11 more under development across regions including Uttar Pradesh, Bihar, Mizoram, Uttarakhand, and West Bengal.

These land ports facilitate trade worth Rs 70,952 crore and witnessed passenger movement of over 30.46 lakh during 2023–24. Over the past decade, trade and passenger traffic at these ports have increased 15-fold and 18-fold respectively.

Under the agreement, SBI will offer a range of banking services tailored to the needs of the land ports. These include forex transactions, bulk cargo insurance, and digital banking products. Over the next six months, SBI will work to roll out these services across the ports.

In addition, LPAI employees will benefit from a special corporate salary package that includes personal accident insurance and discounted locker rentals.

"This partnership is a strategic move towards strengthening India's border trade infrastructure. SBI’s presence will play a pivotal role in enhancing economic activity and financial inclusion at these key transit points," said a joint statement.

The collaboration aims to support India’s vision of becoming a developed nation (Viksit Bharat) by 2047 and targets increasing trade volume through land ports from Rs 80,000 crore currently to Rs 2 trillion by 2030.

This initiative is expected to modernize the trade ecosystem along the borders and provide vital financial services to traders, passengers, and border communities.

(KNN Bureau)