Standard Chartered Sri Lanka executes first INR transaction for client

With the recent introduction of Indian Rupees (INR) as a designated foreign currency by the Central Bank, Standard Chartered Sri Lanka has completed its first INR transaction for a multinational corporate client in the form of an outward telegraphic transfer between Sri Lanka and the Bank’s office in  Mumbai India. 

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.”