The transaction was executed via the SWIFT mechanism involving the Mumbai correspondent banking account, realising proceeds in the beneficiary’s account maintained with a third-party bank in India within 24 hours.
Commenting on the landmark transaction, the CEO of Standard Chartered Sri Lanka, Bingumal Thewarathanthri, stated,
“We are excited about our first Indian Rupee transaction and the Bank’s readiness to handle the complete range of cross-border transaction methods, including Letters of Credit and Documentary Collection in addition to the Telegraphic Transfer we just completed.
As a leading financial institution in the South Asian region, we are optimistic about the opportunities associated with the Government of India aspiring to internationalise the currency.
Both importers and exporters stand to benefit, while the country could achieve further diversification of its currency risk and enhance its purchasing capacity on essential imports.”
Standard Chartered has been in operation in Sri Lanka since 1892, and offers a complete range of trade, cash management and foreign exchange services for corporate and institutional clients, small and medium enterprises as well as consumer banking clients.