Along with the sharp decline in poverty in India, there has also been a marked reduction in the rural-urban income divide in the country, according to an SBI Research analysis of a Consumer Expenditure Survey released on Tuesday.
Union Finance Minister Nirmala Sitharaman on Thursday inaugurated a State Bank of India (SBI) branch in Sri Lanka’s Trincomalee city, during her ongoing visit to the island nation.
In a post on X, the Union Finance Ministry said that Governor of Eastern Province Senthil Thondaman, India’s High Commissioner to Sri Lanka Gopal Baglay and SBI Chairman Dinesh Khara were also present at the inauguration.
“After inaugurating the branch, Sitharaman appreciated that SBI, with its 159 years of significant presence, is the oldest bank in Sri Lanka and continues to grow its business at home and abroad,” it added.
During the Sri Lankan economic crisis, SBI’s presence in the island nation paved the way for a smooth extension of line of credit worth $1 billion by the Indian government to Sri Lanka, the Ministry said.
Besides, SBI Sri Lanka continues to play a vital role by supporting corporates in international trade.
“SBI in Sri Lanka continues to scale up remittance through a robust #DigitalPlatform via SBI Sri Lanka YONO app and online banking, in addition to the in-branch operations,” the Ministry said in the X post.
Sitharaman, who is on a three-day visit to Sri Lanka, will inaugurate a branch of SBI in Jaffna on Friday.