Today, during her official visit to Sri Lanka, India’s Finance Minister Nirmala Sitharaman inaugurated a new branch of the State Bank of India (SBI) in Trincomalee. The ceremony was attended by notable figures, including S Thondaman, Governor of Eastern Province, Sri Lanka; Shri Gopal Baglay, India’s High Commissioner to Sri Lanka, and Chairman of SBI, Shri Dinesh Khara.During the inauguration, Minister Sitharaman commended SBI for its remarkable 159-year presence in Sri Lanka, making it the oldest bank in the country. She also highlighted the bank’s continued growth and support during challenging economic times.
In particular, SBI’s presence played a crucial role during the Sri Lankan economic crisis, facilitating a smooth extension of a $1 billion Line of Credit from the Government of India to Sri Lanka. SBI Sri Lanka has also been instrumental in supporting international trade for corporates.
Additionally, the bank is actively expanding its remittance services through a robust digital platform, including the SBI Sri Lanka YONO app and online banking, complementing its in-branch operations.
After the branch inauguration, Finance Minister Nirmala Sitharaman engaged with the new branch officials and distributed passbooks to new customers. Her visit also included a stop at the Thirukoneswaram Temple in Trincomalee, Sri Lanka, as part of her diplomatic mission.