SBI to Facilitate India-Israel Rupee Trade Amid FTA Talks

• SBI, the only Indian bank in Israel, will facilitate India-Israel trade in Indian rupees.
• This move aligns with RBI's initiative to promote INR for export/import settlements, with Israel identified as a partner.
• Israeli entities will use Special Rupee Vostro Accounts (SRVA) for payments in INR for goods/services.
• SBI Tel Aviv has approvals and is actively promoting rupee trade through webinars and engaging defence entities.
• SBI is also helping Indian workers in Israel with NRI accounts and exploring fintech collaborations for INR remittances.

Why It Matters: SBI enables India-Israel rupee trade, boosting economic ties and INR's global role.