Overview
- SBI Israel said it has regulatory approvals to enable exporters and importers to make and receive payments in Indian rupees.
- Transactions will be credited to a Special Rupee Vostro Account against invoices for goods and services between Indian and Israeli counterparties.
- The bank has held briefings with the Israel–India Chamber of Commerce and engaged major Israeli defence companies to encourage uptake.
- With more than 40,000 Indian workers in Israel, SBI is facilitating NRI account openings and exploring partnerships with fintechs and local banks to streamline remittances.
- The push dovetails with RBI’s rupee-settlement policy and recent India–Israel economic steps, including a signed BIT and movement toward an FTA, with SBI the only Indian bank operating in Israel since 2007.