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SBI's new deposit scheme

MUMBAI JULY 14. State Bank of India plans to raise around $1.5-2 billion by way of a new deposit scheme targeted at Indian expatriates, including the Resurgent India Bond (RIB) holders. "The new scheme is to ensure that we are able to retain some of our RIB holders and expect about 30-35 per cent of these to stay with the bank following the launch of this innovative product,'' a top SBI official told PTI here today.

The bank expects that other non-resident Indians (NRIs) would also invest to take benefit of the interest rate differential (between India and other countries),'' he said.

RIBs were issued in August 1998 by SBI with the approval of the Government and the Reserve Bank of India for a tenor of five years and the total subscription in these bonds was equivalent of $4.23 billion.

The SBI official said roadshows to attract investors would begin across the world from this month end, to be carried forward in August.

PTI

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