Current Affairs - Banking - Discussion

The State Bank of India (SBI) has signed a Memorandum of Understanding with the Land Ports Authority of India (LPAI) to provide comprehensive banking services at 26 land ports across 8 Indian border states. This collaboration aims to improve infrastructure for cross-border trade and passenger movement, offering services like forex, insurance, and digital banking. This strategic move supports India’s broader vision of economic development under Viksit Bharat 2047 by increasing trade capacity and ensuring smooth financial operations at border checkpoints connecting with neighbouring countries like Nepal, Bhutan, Bangladesh, and Myanmar.