The State Bank of India opened its Melbourne office on Monday, becoming the first Indian bank to have a branch in the Australian state of Victoria.

The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state's 10-year India Strategy – our shared future, according to a press release.

Speaking at the inauguration here, Victoria's parliamentary secretary to the treasurer, Steve Dimopoulos, said, "We are delighted to welcome the State Bank of India to Victoria – the first Indian bank to set up operations in our state."

"This investment by India's largest commercial bank is a testament to our thriving financial services sector and our highly skilled workforce," he said.

According to official figures, the two-way merchandise trade between Victoria and India was to the tune of 1.76 billion Australian dollars in 2018.

SBI Managing Director Dinesh Kumar Khara said "It is a great privilege to have our presence in the vibrant and business-friendly city of Melbourne. I am confident that our footprint in Melbourne will further strengthen the relationship between the two countries"

Victoria already has the presence of leading Indian businesses, including Cipla, Cyient, HCL, Infosys, Ramco, Samvardhana Motherson Group, TCS, Tech Mahindra, Ugam Solutions, Wipro, Zoonga and Zomato.

Victoria's financial sector employs more than 122,000 people and generates around 40 billion Australian dollars every year.