India's Finance Minister, Nirmala Sitharaman, has praised the State Bank of India (SBI) for launching a direct Sri Lankan Rupee-Indian Rupee trade, making it the first foreign bank in Sri Lanka to do so. Sitharaman inaugurated the second SBI branch in Jaffna during her official visit to Sri Lanka. The initiative aims to provide an alternative to importers of Sri Lanka, reducing dependency on the US Dollar. SBI is also expanding its remittance services in Sri Lanka through its digital platform.
