EBL opens India Business Desk as trade in rupee begins

The Eastern Bank Ltd (EBL) inaugurated a separate India Business Desk on Tuesday to facilitate cross-border business initiatives and banking services for trade between India and Bangladesh.

Bangladesh and India have entered into a new trade era with the introduction of trade settlement in the rupee which will help the economies of the two nations, said State Minister for foreign affairs Md Shahriar Alam.

"It is another success story of trade between two trusted neighbours," he said while inaugurating the EBL India Business Desk at the bank's head office in the city.

Urging Indian businesses to take the opportunity of rupee trading, the state minister said, "Bangladesh and India's relations have become a role model for neighbourhood diplomacy. In such an encouraging context, the introduction of the Bangladesh-India bilateral trade in Indian Rupee will be a significant step forward not only for expanding the bilateral trade and economic relations but also for elevating our overall partnership with India."

While attending the inaugural programme of the India business desk, High Commissioner of India to Bangladesh Pranay Verma said, "Bangladesh is India's largest trade partner in South East Asia. Over the last five years, our trade volume has doubled. India is Bangladesh's largest export market in Asia. These are tangible gains in our bilateral economic engagement."

"Bangladesh is now going to make an important economic graduation in 2026 to become a developing country. I think we are looking at ways for new opportunities and new ways of capturing those opportunities moving forward," Verma said. 

"Establishing this EBL India business desk will promote trade between our two countries and bring new opportunities. This is a very innovative step by EBL and I hope this desk will be a catalyst in seeing some real tangible difference in our bilateral trade and economic engagement," the Indian high commissioner added.

Lokman Hossain Miah, the executive chairman of Bangladesh Investment Development Authority (Bida), said, "EBL's new business desk dedicated to India is a great example of proactive facilitation. I really look forward to the success of this initiative."

Speaking on the occasion, Abdul Matlub Ahmad, president of the India-Bangladesh Chamber of Commerce and Industry (IBCCI), said, "IBCCI is very happy that EBL has started a India business desk. The business people of both countries can approach EBL for guidance for export and import in Indian rupees. Any issue on LC-related matters could be resolved by EBL at its India desk which will improve the business relationship between India  and Bangladesh."

Ali Reza Iftekhar, managing director and CEO of EBL, said, "The introduction of the Indian Rupee as a settlement currency will open up new avenues for economic collaboration between the two nations and bilateral trade is expected to witness further growth in the coming days. EBL is now ready to provide comprehensive banking facilities and tailor-made products for the bilateral trade business growth."

EBL also launched a co-brand card with the India-Bangladesh Chamber of Commerce and Industry at the same event.

For all sorts of queries about banking products and services specially designed for Indian-Bangladesh bilateral trade business, customers can reach EBL through a dedicated email address [email protected] or phone +880 9666777325. 

To offer comprehensive banking facilities, EBL has also opened similar dedicated business desks for Japanese and Chinese companies and investors in Bangladesh.