JAKARTA, Jun 30, 2009 - Bank Indonesia has finally granted the foreign exchange bank license to State Bank of India (SBI) Indonesia to facilitate trade between the two countries.
SBI Indonesia has to wait for two years to secure the license , said Rajive Saran, the president of the Indonesian unit of State Bank of India.
With the license, the bank could take a significant role in facilitating the bilateral trade , which is valued at around US$10 billion a year, Saran said.
Finance director of SBI Indonesia Sathyamurthy said trade between the two countries have grown fast but payment service is not yet efficient and takes a long time by payment agent.
Indonesia has continued to chalk up surplus in trade with India in the past five years.
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