Wednesday, July 22 2026
Wednesday, July 22 2026
DEPOSIT PRODUCT : India rupee deposits to encourage Sri Lanka exporters to hold Indian currency
MONETABRIEF – State Bank of India is planning Indian rupee denominated deposits as part of efforts to boost the use of currency in the Indian Ocean Island, Rizwan Alam, general manager for retail and subsidiaries at SBI’s International Banking Group said.
India is encouraging the use of the rupee for cross border trade between the two countries.
Selling imports What he should do with the INR? If he has to sell some type of imports in future or some types of requirement of INR in future to bring or get some import or purchase some messaging for India. So he wants to keep this INR but he also wants to earn the interest on that.
"So, we are also working such products where some exporters who have got export proceeds in INR," Alam told a business forum in Colombo.
"He should be able to keep it in INR here in Sri Lanka as well as able to earn interest on that."
Several Indian and Sri Lanka banks are facilitating export and imports in Indian rupee, but some of the transactions are settled in US dollars.
The aim is to settle rupee denominated trade in the same currencies.
Settling in rupees will cut SWIFT and NOSTRO accounts charges paid to US banks to go through Federal Reserve system, bankers said. (Colombo/June18/2026)
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