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By : Navin Arya
On : 24 July 2009

Bilateral Agreement between banks

State Bank of India (SBI) has, on the 26th June, 2009, signed a Cooperation Agreement with Banca Popolare Di Vicenza (BPV), an Italian bank, on a non-exclusive basis.

Bilateral agreements by banks with their correspondents enhance business flow through them to the mutual benefit of the concerned banks and their customers. BPV bank is predominantly concentrated in the north Italian district of Vicenza having a large concentration of units specialising in engineering, textiles, clothing, leather, tanning, gold jewellery, food processing industries, oil and Gas equipment and Defence equipment sector, which also forms bulk of the imports from Italy to India. Many of these units bank with BPV. With the signing of this agreement, SBI would be better placed to service the importers/ exporters with a direct link to their bankers.

This information was given by Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Lok Sabha today.


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