By Admin 
Rupee International Trade: Amid ongoing discussions on deepening strategic ties between India and Israel and a Free Trade Agreement (FTA), State Bank of India (SBI), the only Indian lender with a presence in Israel, is trying to facilitate bilateral trade in rupees.
Trade will be done in rupees
Chief Executive Officer (CEO) of SBI Israel, V. Manivannan told ‘PTI-Bhasha’, in view of the significant trade with India’s partner countries and the increasing interest in doing business in Indian Rupee in the global business community, our banking regulator i.e. Reserve Bank of India has decided to allow Indian banks to settle the exports and imports of their corporate customers in Indian Rupee. Under this arrangement, Israel has been selected as one of the partner countries.
The process of sending and receiving money will be easy
The SBI official said that Israeli entities exporting/importing through this arrangement will receive payment in Indian rupees. Which will be credited to the Special Rupee Vostro Account (SRVA) against the ‘invoice’ of supply/purchase of goods or services from the Israeli seller/buyer. The SBI branch recently organized several meetings and webinars to promote trade in rupees in collaboration with Israel-India Chamber of Commerce.
Officials from most of Israel’s major defense institutions participated in these discussions. With more than 40,000 Indian workers recently joining the Israel workforce, efforts are also being made to ease the process of sending and receiving money in India by facilitating the opening of their NRI accounts in India at SBI, Tel Aviv branch.
SBI opened its branch in 2007
SBI opened its branch in Israel in 2007 and has been successful in maintaining a full-fledged operation since then. This reflects its steadfastness despite more than two years of turmoil due to the global pandemic and the ongoing war in the region.
It has presence in 29 countries through 241 ‘Points of Presence’ outside India. The official said the branch is committed to strengthening its relationship with its current and future customers and becoming a trusted partner in their business endeavours.
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