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Key Points

SBI and the Land Ports Authority of India have signed an MOU to upgrade banking services at 26 land ports, boosting cross-border trade and financial inclusion. The partnership aims to expand trade volumes from Rs 80,000 crore to Rs 2 trillion by 2030 while offering tailored banking solutions to thousands of employees. This initiative will enhance forex transactions, digital banking, and cargo insurance, supporting India's economic growth. The collaboration aligns with India's vision of becoming a developed nation by 2047.

Key Points: SBI and Land Ports Authority Sign MOU to Boost Border Banking Services

  • SBI-LPAI MOU to modernize banking at 26 land ports
  • Aims to grow trade from Rs 80,000 Cr to Rs 2 Trillion by 2030
  • Will benefit 5000+ employees with loans, forex, and digital banking
  • Strengthens India's border trade with Nepal, Bangladesh, Bhutan, and Myanmar
3 min read

SBI, Land Ports Authority Of India sign MOU to enhance banking services at land ports bordering neighbouring countries

SBI partners with LPAI to enhance banking infrastructure at 26 land ports, targeting Rs 2 trillion trade by 2030 and benefiting 5000+ employees.

"SBI's presence at land ports will have a remarkable imprint on India's financial landscape while aspiring for Viksit Bharat by 2047. – Official Release"

New Delhi, April 29

The State Bank of India (SBI), the country's largest bank, on Tuesday signed a Memorandum of Understanding (MoU) with Land Ports Authority of India (LPAI) to strengthen banking services infrastructure across 26 land ports bordering our neighbouring countries, a release added.

This strategic collaboration will strengthen India's border trade ecosystem and provide modern banking solutions to business and individuals at land ports. SBI will partner with LPAI and aspire to improve the trade transactions for Rs 80,000 Crs at present to Rs 2 trillion by 2030.

LPAI currently operates 15 land ports across 8 border states adjoining Nepal, Bangladesh, Bhutan, and Myanmar, with 11 more ports sanctioned across states including UP, Bihar, Mizoram, Uttarakhand, and West Bengal. These land ports are handling trade volumes of Rs. 70,952 crores and total passenger movement through these transit points had been 30.46 lakhs as on 23-24 and over a decade there is 15-fold increase in trade and 18-fold increase in passenger movement. Land ports currently handle Rs 71,000 crores in forex trade and nearly 31 Lakhs people cross borders through these land ports annually.

In nutshell, these land ports are going to play a very pivotal role in international trade and SBI's presence at these sites will not only contribute towards business growth but also will have a remarkable imprint on the financial landscape of the country while India aspiring for Viksit Bharat by 2047.

The said MOU was signed on behalf of SBI by S N Panigrahi, DGM and Shri Vidyadhar Jha, Director (Operations), Land Ports Authority of India.

Approx.1900 employees of LPAI under Corporate salary package will be benefited by customised products (offering loans & special financial products), Personal accident insurance, concession in locker rent. Corporate salary package offering of SBI is one of the best in the industry and a better value proposition looking the needs of our customers.

SBI will also explore to cater banking needs like forex transactions, LC/BG, Bulk Cargo Insurance, Digital Banking products and array of other banking products in the ports in next six months' time. Being SBI is the lifeline of Indian Economy which offers many cutting-edge digital solutions like YONO 2.0, e-Trade, e-Forex (FTC) worth to mention that Delhi Circle crossed forex turnover of Rs 1 trillion in FY24-25.

Apart from LPAI employees, there are employees of Land Border Health Units, which comes under Ministry of Health & Family Welfare, Border Guarding Force (BGF), SSB, BSF, BRO, BOI & Custom & Indirect Taxes Deptt employees. Together, there are more than 5000 employees to whom SBI will serve banking financial services.

- ANI

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Reader Comments

R
Rahul K.
This is a game-changer for border trade! 💯 Finally, proper banking services will be available at these crucial transit points. The 2 trillion target by 2030 seems ambitious but achievable with SBI's expertise.
P
Priya M.
While this is a positive step, I hope they ensure proper digital literacy programs for border communities. Many small traders might struggle with e-banking solutions without proper training.
A
Amit S.
Great initiative! My uncle works at Petrapole border and has been complaining about banking facilities for years. This will make life easier for thousands of border workers and traders.
S
Sunita R.
The forex services will be most beneficial! Cross-border traders often get exploited by money changers. Having official banking channels will bring transparency and security. 👏
K
Karan D.
I appreciate the focus on employee benefits too. 5000+ border personnel getting special financial products is a nice touch. Hope they extend similar benefits to local traders eventually.
N
Neha P.
The article mentions digital banking products - I really hope they implement YONO 2.0 with regional language support. Many border traders aren't comfortable with English/Hindi interfaces.

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