SBI-LPAI Pact for Banking at India’s Land Ports
Why in the news
State Bank of India tied up with LPAI to bring trade-linked and digital banking to border ports, matching the Viksit Bharat 2047 vision.
Key facts
- SBI will offer forex services, digital banking, trade facilitation, bulk cargo insurance and salary packages for LPAI staff.
- Backs a goal of Rs 2 lakh crore trade by 2030.
- Neighbours served: Nepal, Bangladesh, Bhutan, Myanmar.
| Indicator | Value |
|---|---|
| Forex trade value (FY24) | Rs 71,000 crore |
| Trade growth in a decade | 15 times |
| Passenger growth | 18 times |
About the bodies
- SBI: founded 1 July 1955, Mumbai; Chairman Challa Sreenivasulu Setty.
- LPAI: formed 1 March 2012 under the 2010 Act, New Delhi; Chairman Aditya Mishra; falls under the Home Ministry.
Exam angle
- LPAI’s parent ministry: Home Affairs.
- New ports planned in UP, Bihar, Mizoram, West Bengal.