New Delhi, July 12: State Bank of India has set up a ‘RIB - redemption cell’ to ensure smooth repayment of about Rs 25,000 crore to investors of Resurgent India Bond (RIB) from October one. The 'RIB - redemption cell' in Delhi local head office has started accepting the redemption applications, which should reach the bank by August two.
"The last date for submission of redemption of the RIBs is August 22," G C Jashnani, officer on special duty for RIBs, said.

The maturity proceeds would be paid in US dollars, UK pounds and euro in case the bondholders continue to be a NRIs or has become a resident in India before the maturity of the RIBs, he said.
Resident Indians can place their RIB proceeds as term deposits or in resident foreign currency account of SBI.
The bank would pay in non-repatriable Indian rupees at the prevailing forex rates if the bondholder is a resident Indian. Bureau Report