New Delhi [India], 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.
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