State of India Bank prepares for epic redemption period


India's largest bank, the State Bank of India (SBI) has assigned a senior banker to Doha in anticipation of a high volume of Qatar-based deposit-holders that will be redeeming their returns when the India Millennium Deposit (IMD) matures at the end of the year.

The IMD scheme, linked to government bonds, was launched for non-resident Indians (NRIs) in 2000 to enhance India's infrastructure budget. Some 70,000 NRIs from around the world invested in the product and between $8 billion and $9 b

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