Did you see some guy in NY sued SBI for not offering the high interest to other than NRI's ?
Saw the snippet on rediff. Anybody have more details?
The SBI branches in the US are under US law, so they
may not be capable of offering bonds to only NRIs. However,
in this case, all that the branches are doing is collecting
the money and application and forwarding it to SBI proper,
in Bombay. The decision to approve the application is made
by SBI in Bombay, and thus will be out of NY jurisdiction.
This is only my opinion, of course.
BTW, if you applied for the RIB, you would have noticed that
other than checking a column saying you are an NRI, there
is no actual data gathered in the application form that
will allow the SBI to verify that you are an NRI. No passport
number or Indian address or anything of that sort was
required. I think anybody could have applied, and if
there is any problem at redemption time, the redemption
can easily be accomplished through a real NRI. |
