Mumbai, Nov 16: Following a lukewarm response, State Bank of India is likely to close by this month end the two special non-resident indian (NRI) schemes, introduced for retaining the Resurgent India Bonds (RIB) proceeds. "We are currently reviewing the status of Pravasi Samriddhi and Pravasi Vaibhav schemes and are likely to wind them up by November 30," a senior SBI official told reporters here today.
These schemes of the country's largest public sector bank have so far evoked a lukewarm response and it has been able to collect deposits of around Rs 2,500 crore, he said.
Initially, the bank had planned to keep these schemes open for only a fortnight beginning October one, when the ribs aggregating USD 5.5 billion matured, but the deadline has since been extended.
NRI customers are also favouring the foreign currency non-resident (bank) accounts over these two schemes and the same trend is continuing even at this moment, the official said.
SBI chairman A K Purwar, who completed one year in office, had on October 30 said the bank has scaled down its target for retaining RIBs proceeds to 15 per cent from 30-35 per cent.
Bureau Report