The State Bank of India (SBI) has entered into a Memorandum of Understanding (MoU) with the Land Ports Authority of India (LPAI) to bolster banking infrastructure at 26 land ports situated along India's borders with Nepal, Bangladesh, Bhutan, and Myanmar.

This strategic collaboration aims to facilitate smoother cross-border trade and provide essential banking services to travelers and businesses operating in these regions.

Key Points

• The initiative is expected to streamline financial transactions related to trade, contributing to the growth of border trade and improving economic ties with neighboring countries.
• Travelers crossing these borders will benefit from convenient banking services, including currency exchange and remittance facilities, promoting smoother international movement.
• The partnership underscores a commitment to developing robust infrastructure that supports both economic activities and the welfare of individuals in border areas.

This collaboration between SBI and LPAI marks a significant step towards integrating financial services with India's border trade ecosystem, aligning with the country's vision of enhancing connectivity and economic development in border regions