The State Bank of India, the country's largest commercial bank, will open its first branch in Australia this week to further promote trade and economic cooperation between the two countries.
The first ever branch of an Indian bank on Australian shores, the SBI Sydney branch will help promote bilateral trade between India and Australia which stands at AUD 4.2 billion, Indian Consul General in Sydney, M Ganapathi said.
The branch will open on Wednesday.
"It is a very positive development that will further consolidate and encourage trade and economic cooperation between the two countries. It will also engender confidence amongst the Australian business community and enhance commerce and investment in India. It will particularly benefit the Australian Indian community," he said.
The growing expatriate Indian community in Australia has long felt the need for an Indian bank here.
Ashok Khurana, chief executive officer of SBI in Sydney, said, "It will redress the major problem facing the Indian community, which in the absence of any Indian bank here and any Australian bank in India, was finding it difficult to send remittances back home to family and friends.
The SBI Sydney branch will also help boost bilateral trade by facilitating payment for exporters.
While the branch will not have retail banking facilities, it will offer various trade finance facilities to exporters and importers in Australia.
The SBI branch will also offer one-off international money transfer in various currencies to India and other countries as well.
