Context:
State Bank of India (SBI) has signed an MoU with the Land Ports Authority of India (LPAI) to enhance banking and trade-related financial services across 26 land ports on India’s borders, aligning with the Viksit Bharat 2047 vision.
Key Highlights
- LPAI Network: Operates 15 land ports across 8 states; 11 more approved in border regions like UP, Bihar, Mizoram, and West Bengal
- Trade & Passenger Volume (FY24): ₹70,952 crore in trade; 30.46 lakh passengers; forex trade valued at ₹71,000 crore
- Growth Trends: Trade and passenger movements surged by 15x and 18x over the last decade
- SBI’s Role:
- Provide forex services, bulk cargo insurance, and digital banking
- Offer corporate salary packages with benefits for LPAI employees
- Support trade expansion goals from ₹80,000 crore to ₹2 lakh crore by 2030
Strategic Impact
- Facilitates cross-border commerce with neighboring countries (Nepal, Bangladesh, Bhutan, Myanmar)
- Enhances financial infrastructure at crucial land trade gateways
- Boosts India’s economic integration and regional connectivity
About SBI
- Founded: 1 July 1955
- HQ: Mumbai
- Chairman: Challa Sreenivasulu Setty
About LPAI
- Established: March 1, 2012, under LPAI Act, 2010
- HQ: New Delhi
- Chairman: Aditya Mishra
- Parent Ministry: Ministry of Home Affairs
