SBI Partners with LPAI to Enhance Banking Services at 26 Land Ports
| Aspect | Details |
|---|---|
| Event | SBI signs MoU with LPAI to enhance banking services at land ports. |
| Date | April 29, 2025 |
| Parties Involved | State Bank of India (SBI) and Land Ports Authority of India (LPAI). |
| Objective | Establish and upgrade banking services at 26 land ports for cross-border trade and passenger movement. |
| Key Services | Forex transactions, bulk cargo insurance, digital banking, corporate salary packages, personal and business banking. |
| Ports Covered | 26 land ports across 8 border states. |
| Operational Ports | 15 operational land ports. |
| New Ports Sanctioned | 11 new land ports (UP, Bihar, Mizoram, Uttarakhand, West Bengal). |
| Trade Data (2023-24) | ₹70,952 crore worth of trade. |
| Passenger Traffic (2023-24) | 30.46 lakh passengers crossed through land ports. |
| Growth in a Decade | 15-fold rise in trade, 18-fold rise in passenger traffic. |
| Target by 2030 | Enhance trade capacity from ₹80,000 crore to ₹2 trillion. |
| Significance | Enhances financial inclusion, trade facilitation, and supports India's global trade ambitions. |