State Bank of India (SBI) 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 neighbouring 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 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 aspires for Viksit Bharat by 2047, a joint statement said.
As per the MoU, employees of LPAI would get a corporate salary package with host of offers, including personal accident insurance, and concession in locker rent.
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, it said.
SBI will partner with LPAI and aspire to improve the trade transactions for Rs 80,000 crore at present to Rs 2 trillion by 2030.