Is this surge only from US or are NRIs moving deposits from other "Private" Indian Banks to Oublic Sector banks like SBI ??
----------------------------------------------------------------------------- Important Note : Reports, News items or other items posted by me are NOT to be construed as Investment Advise. Please contact a certified investment specialist and make your own due diligence before investing money. ----------------------------------------------------------------------------- ---- Regards Subu ----- Original Message ---- From: ekam ber <[EMAIL PROTECTED]> To: [EMAIL PROTECTED]; [EMAIL PROTECTED]; [EMAIL PROTECTED]; [email protected]; stockbuffs <[EMAIL PROTECTED]>; [EMAIL PROTECTED]; [EMAIL PROTECTED]; [EMAIL PROTECTED]; [EMAIL PROTECTED]; [EMAIL PROTECTED]; [EMAIL PROTECTED]; [EMAIL PROTECTED]; [EMAIL PROTECTED] Sent: Saturday, October 4, 2008 6:25:17 AM Subject: {{{{{[stocks2watch]}}}}}} Scared NRIs find Indian banks safer AHMEDABAD: Anand Patel, a hotelier in New Jersey who hails from Nadiad, has just called up his brother Dilip to find out more about NRI deposits in Indian banks. Anand told him he wanted to send him $1,00,000 for safe keeping, because he was worried about the turmoil in the US financial markets. Many others have already made the move, much to the delight of public sector banks. Far from getting hit by the turmoil in the US financial markets, the collapse of American banking has turned out to be a blessing in disguise for Indian banks, now being seen by NRIs as a safe place to park their funds. In recent weeks, many US-based NRIs have switch their funds from US based entities to Indian banks by way of NRI deposits. For instance, SBI in Gujarat, which had mopped up NRI deposits worth Rs 290 crore in the last five months, has collected over Rs 150 crore in September alone. “The spurt can be mainly attributed to the financial crisis in US markets,” said HC Pattnaik, chief general manager, SBI, Gujarat. The depreciation of rupee and rising rate of interest for fixed deposits in foreign currency have made NRI deposits attractive, Pattnaik added. In September, rupee has depreciated over 11 per cent against the dollar, from Rs 42.85 to Rs 47.68. Besides, in order to lure NRIs, RBI had recently increased rate for deposits in foreign currency from Libor (London Inter Bank Offer Rate) minus 75 basis point to Libor minus 25 basis point. “We are seeing a surge in NRI deposits and it is expected that momentum will increase,” GG Joshi, general manager, Bank of Baroda, said. MV Nair, chairman and managing director, Union Bank of India, said good amount of money will flow back into the country looking at the current scenario http://economictimes.indiatimes.com/Scared_NRIs_find_Indian_banks_safer/articleshow/3558724.cms Large desire is endless poverty. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
