SBI Drives India-Israel Trade in Rupee Amid FTA Push

• State Bank of India (SBI) is actively promoting bilateral trade between India and Israel using the Indian Rupee, aligning with ongoing Free Trade Agreement (FTA) discussions.
• As the sole Indian lender in Israel, SBI Tel Aviv has received RBI approval to facilitate export/import settlements in INR via Special Rupee Vostro Accounts (SRVA).
• SBI is easing remittances for over 40,000 Indian workers in Israel, helping them open NRI accounts and exploring fintech partnerships for rupee-denominated services.
• The bank's Tel Aviv branch, established in 2007, supports local corporates and has held meetings with the Israel-India Chamber of Commerce to encourage rupee trade.
• High-level visits by Israeli ministers to India and the signing of a Bilateral Investment Treaty (BIT) underscore the growing strategic partnership and FTA momentum.

Why It Matters: SBI is boosting India-Israel trade in INR and supporting Indian workers' remittances, strengthening bilateral ties.