SBI Drives India-Israel Rupee Trade Amid Deepening Strategic Ties

• State Bank of India (SBI) will facilitate India-Israel trade settlement in Indian rupees, leveraging its sole presence in Israel.
• Reserve Bank of India identified Israel as a partner country for this rupee trade mechanism, allowing Indian banks to settle exports/imports in INR.
• Israeli entities will use Special Rupee Vostro Accounts (SRVA) for payments against goods/services, with SBI Tel Aviv having all necessary approvals.
• SBI Tel Aviv is also assisting the growing Indian workforce in Israel by facilitating NRI accounts and exploring remittance services.
• This initiative aligns with ongoing Free Trade Agreement (FTA) discussions and recent high-level visits between Indian and Israeli officials.

Why It Matters: SBI enables rupee trade between India and Israel, strengthening economic ties and facilitating remittances.