Seylan Bank, the Bank with a Heart, recently announced the opening of an Indian Rupee (INR) Nostro account with Indian Bank, Mumbai. This development will allow importers and exporters in the two countries to carry out trade transactions in a mutually beneficial manner.
The move follows the recent declaration by the Central Bank of Sri Lanka (CBSL), making the Indian Rupee (INR) a designated foreign currency to promote trade and tourism within the SAARC region.
Speaking on the same, Dilan Wijegoonawardena, Assistant General Manager – International at Seylan Bank PLC said, “Sri Lanka and India enjoy a fruitful and growing economic and commercial partnership with bilateral trade growing rapidly in recent times. The introduction of our Nostro account with Indian Bank is certainly timely and will facilitate trade, remittances and treasury transactions. It is expected that this will further assist our valued Import and Export clients to promote International Trade between the two countries, thus exploring the potential that we have to further strengthen our market.”
With a presence of over 116 years in the financial services sector of India, this partnership between Indian Bank and Seylan Bank will enable local customers to enter into transactions denominated in INR, eliminating the need to conduct Trade and Remittance transactions in USD or any other currency.
About Seylan Bank
Seylan Bank, the Bank with a Heart, operates with a vision to offer the ultimate banking experience to its valued customers through cutting-edge technology, innovative products, and best-in-class services. The Bank has a growing clientele of SMEs, Retail and Corporate Customers, and has over 540 access points across the country. Seylan Bank has been endorsed as a financially stable organisation with performance excellence across the board by Fitch Ratings, with the bank’s national long-term rating revised to ‘A-’(lka). These are a testament to Seylan Bank’s financial stability and its unwavering dedication to ensuring the consistent delivery of Service Excellence across all aspects.