In light of their current expansion strategy, State Bank of India Sri Lanka branch recently joined LankaPay Common ATM Network taking a leap towards enhancing customer convenience.
With legacy since 1806 as Bank of Calcutta, State Bank of India came into existence in 1955. It is the largest bank in India with over 24,000 branches, 59,000 ATMs and 190 foreign offices in 36 countries.
The bank with 22% market share in Indian Banking Industry secured place in the league of ‘Top 50 Global banks’ with balance sheet size of INR 41 trillion and ranked 232nd in Fortune Global 500 world’s biggest corporation as of 2016.
The State Bank of India commenced its operation in Sri Lanka in 1864 and primarily focused on corporate banking till recent times, prior to the new strategic direction of diversifying into retail banking.
Speaking of the partnership with LankaPay, Rajeev Ratna Srivastava, Country Head of State Bank of India Sri Lanka office stated “SBI is the leading Bank in India and many other countries and after being in continuous service of people of Sri Lanka for more than 153 years, we now aspire to become the preferred Bank of masses in Sri Lanka.”
Welcoming State Bank of India on board, Channa de Silva, GM and CEO of LankaClearPvt Ltd.said “We at LankaClearare delighted to have the State Bank of India (SBI) joiningLankaPay umbrella as the 27thmember of the LankaPay Common ATM Switch (CAS). We believe this partnership would be of great significance to all SBI customers in providing accessibility to any of the 4000+ ATMs currently connected to the LankaPay Common ATM Network.”
LankaPay CAS went live as the Phase I of the Common Card and Payment Switch, which is envisioned to be the backbone of all domestic electronic payments in future. The launch of LankaPay Common ATM Network in 2013 marked a significant milestone in the country’s banking sector through common usage of resources generating greater economies of scale whilst enhancing customer convenience.
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