State Bank of India centralises trade finance operations at Kolkata hub

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State Bank of India is reinforcing its trade finance operations through a centralised digital hub for the east and northeast, aiming to expedite processing, bolster compliance, and enhance customer experience, the state-owned lender said.

During a visit to the Global Trade Finance Centre (GTFC) in Kolkata, Chairman C S Setty said on Saturday stated that it is a strategic move to handle trade finance and international banking transactions for the bank's branches across eastern and northeastern India.

"The bank is reimagining its trade finance capabilities to meet the evolving needs of businesses across India and beyond," Setty said in a statement.

"Combining cutting-edge technology with deep domain expertise, we aim to set new benchmarks in speed, security and customer experience," he said.

The GTFC, which features over 300 skilled professionals, is driving SBI's transition from paper-based to digital processes, officials said.

The bank is leveraging technologies like artificial intelligence, machine learning, and blockchain to standardise and digitise trade finance operations, they said.