State Bank of India to repay 7.3 billion dollars to NRI depositors |
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Maturity of India Millennium deposits (IMDs)
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The State Bank of India will start repaying NRI depositors about 7.3 billion dollars as the India Millennium deposits (IMD) matures. The IMD was issued to NRIs five years ago at the start of the new millennium.
The Indian government which currently has foreign exchange reserves at around 145 billion dollars is not overly concerned with this large outflow. The finance minister Mr. P.Chidambaram has allayed any concerned on this front while speaking to reporters in Delhi.
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