SBI plans to open foreign exchange branch at Nathula

Excited at prospect of opening up of Nathula route for trade with China, SBI plans to open foreign exchange facility at Nathula.

Excited at the prospect of the opening up of Nathula route for trade with China, State Bank of India is planning to open foreign exchange facility at Nathula.

HT Image

"There is a lot of excitement over opening up of Nathula. If necessary, we will offer foreign exchange facility at Nathula itself. We are ready to open an extension branch of foreign exchange after the route is opened," SBI deputy general manager (Sikkim circle) B Roychoudhury told visiting reporters from Kolkata.

Roychoudhury said besides opening a foreign exchange branch, the bank was also eagerly awaiting to tap the potential emerging out of opening up of the route by participating in infrastructure development projects.

"As and when it opens, there will be a lot of requirement of infrastructure. Already real estate prices in Gangtok have gone up significantly due to Nathula factor," he said.

He said while West Bengal government was planning to construct a road to Nathula from Gorubathan to Lava joining at Ranipur to avoid the capital city of Gangtok, Sikkim was also going to improve infrastructure leading to the world's highest pass.

Roychoudhury said the bank's next initiative would be strengthening its network of ATMs in this landlocked state which had a lot of potential in medicinal plants and orchids. "There is huge export market waiting, if someone takes initiative."