SBI to Power Banking Services at 26 Land Ports Across India

In a significant move to bolster India’s cross-border trade and passenger movement infrastructure, the State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with the Land Ports Authority of India (LPAI). This strategic partnership aims to establish and upgrade banking services across 26 land ports in India that connect with neighboring countries such as Nepal, Bangladesh, Bhutan, and Myanmar.

Why in News?

On April 29, 2025, SBI signed an MoU with LPAI to provide modern banking infrastructure at land ports to facilitate international trade, forex transactions, and financial services, aligning with India’s vision of Viksit Bharat by 2047.

Aim & Objectives

• To provide comprehensive banking services including forex, insurance, and digital banking at land ports.
• To facilitate smoother cross-border trade and passenger movements.
• To enhance trade capacity from ₹80,000 crore to ₹2 trillion by 2030.

Key Points from the MoU

• Number of Ports Covered: 26 land ports across 8 border states.

Present Operations

• 15 operational land ports
• 11 new land ports sanctioned (including in UP, Bihar, Mizoram, Uttarakhand, West Bengal)

Trade & Traffic Data (2023-24)

• ₹70,952 crore worth of trade
• 30.46 lakh passengers crossed through land ports

Growth in a Decade

• 15-fold rise in trade
• 18-fold rise in passenger traffic

Services SBI Will Offer

• Forex transactions
• Bulk cargo insurance
• Corporate salary packages (with accident insurance and locker concessions for LPAI staff)
• Digital banking products
• Personal and business banking support

Significance

• Enhances financial inclusion and trade facilitation at India’s borders.
• Supports India’s ambition for becoming a major global trade hub.
• Strengthens border state economies and generates employment.