Context:
State Bank of India (SBI) has entered into a strategic partnership with the Land Ports Authority of India (LPAI) to enhance trade-linked financial and digital banking services across India’s land ports. This aligns with the government’s Viksit Bharat 2047 vision to modernize infrastructure and facilitate regional commerce.
Key Highlights
- LPAI Footprint: Currently operates 15 land ports across 8 states; 11 more are in the pipeline, including sites in Uttar Pradesh, Bihar, Mizoram, and West Bengal
- FY24 Trade Metrics:
- Cross-border trade: ₹70,952 crore
- Passenger footfall: 30.46 lakh
- Forex trade value: ₹71,000 crore
- Growth Milestones:
- Trade volume has grown 15x
- Passenger movement increased 18x over the last decade
- SBI’s Contribution:
- Provide end-to-end forex services, digital banking, and trade facilitation
- Offer bulk cargo insurance and corporate salary packages for LPAI staff
- Support government’s goal to boost trade volume to ₹2 lakh crore by 2030
Strategic Relevance
- Strengthens India’s trade logistics with key neighbors: Nepal, Bangladesh, Bhutan, and Myanmar
- Upgrades banking infrastructure at high-traffic land trade corridors
- Reinforces India’s role in regional economic connectivity and supply chain resilience
About SBI
- Founded: July 1, 1955
- Headquarters: Mumbai
- Chairman: Challa Sreenivasulu Setty
About LPAI
- Established: March 1, 2012 (under the LPAI Act, 2010)
- Headquarters: New Delhi
- Chairman: Aditya Mishra
- Parent Ministry: Ministry of Home Affairs
