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SBI aims to tap 35 % of Rs 35,000 crore RIB redemptions
Bangalore, Sep 01: The State Bank of India will begin its roadshows in other countries during the second week of September, aiming to tap a majority of the Rs 35,000 crore Resurgent India Bonds (RIB) due for redemption by the month end.
Bangalore, Sep 01: The State Bank of India will begin its roadshows in other countries during the second week of September, aiming to tap a majority of the Rs 35,000 crore Resurgent India Bonds (RIB) due for redemption by the month end.
"We are targeting around 30 to 35 per cent of the Rs 35,000 crore rib due for redemption, and the roadshows will begin during September second week," SBI chairman A K Purwar
told reporters here last night.
He said that roadshows would be conducted simultaneously in Africa and West Asia, where a large Indian population resides.
The interest rates permissible by the Reserve Bank of India would be offered to non resident Indians, Purwar said, adding "even then, the rates are quite attractive in the global market".
For NRE deposits, the interest rates would be between four to 5.5 per cent for three years, and for FCNR, it would be one per cent for USD based funds or 0.25 per cent points below the libor rate for other currencies.
Purwar said that funds would be accepted from October 1 and the process will be completed by the third week of October.
On the cut in Repo rate by RBI, he said that the SBI had yet to take a decision on cutting its interest rates. However, he hinted at a 'softer line'.
Bureau Report
He said that roadshows would be conducted simultaneously in Africa and West Asia, where a large Indian population resides.
The interest rates permissible by the Reserve Bank of India would be offered to non resident Indians, Purwar said, adding "even then, the rates are quite attractive in the global market".
For NRE deposits, the interest rates would be between four to 5.5 per cent for three years, and for FCNR, it would be one per cent for USD based funds or 0.25 per cent points below the libor rate for other currencies.
Purwar said that funds would be accepted from October 1 and the process will be completed by the third week of October.
On the cut in Repo rate by RBI, he said that the SBI had yet to take a decision on cutting its interest rates. However, he hinted at a 'softer line'.
Bureau Report