The State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with the Land Ports Authority of India (LPAI) to strengthen banking services infrastructure across 26 land ports bordering neighboring countries.
LPAI currently operates 15 land ports across 8 border states adjoining Nepal, Bangladesh, Bhutan, and Myanmar, with 11 more ports sanctioned across states, including Uttar Pradesh, Bihar, Mizoram, Uttarakhand, and West Bengal.
These land ports are handling trade volumes of Rs 70,952 crore, and total passenger movement through these transit points stood at 30.46 lakh as on 2023-24. Over a decade, the ports witnessed a 15-fold rise in trade and an 18-fold increase in passenger movement.
Land ports currently handle Rs 71,000 crore in forex trade, and nearly 31 lakh people cross borders through these land ports annually.
These land ports will play a pivotal role in international trade, and SBI’s presence at these sites will not only contribute to business growth but also have a remarkable imprint on the country’s financial landscape. According to a joint statement released, India aspires to Viksit Bharat by 2047.
SBI will also explore catering to banking needs like forex transactions, Bulk Cargo Insurance, digital banking products and an array of other banking products in the ports in the next six months, it said.
This strategic collaboration will strengthen India’s border trade ecosystem and provide modern banking solutions to businesses and individuals at land ports.
SBI will partner with LPAI and aspire to improve the trade transactions from Rs 80,000 crore at present to Rs 2 trillion by 2030.
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