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To: IngotWeTrust who wrote (45328)	11/26/1999 2:08:00 PM
From: Alex	Read Replies (1) \| Respond to of 116779

SBI to talk to ministry, RBI to extend gold scheme to NRIs MUMBAI: State Bank of India would be talking to Union finance ministry and the Reserve Bank of India to extend its gold deposit scheme to Non-Resident Indians (NRIs). Already 400 kg of gold has been deposited with the bank since its launch on November 19, sbi chairman G.G. Vaidya told reporters here today on the launch of the scheme in the city. The first deposit in the city has come from the Siddhivinayak Trust. "It is auspicious though the quantum is negligible", he said. The bank has targetted 100 tonnes in the first year. Vaidya said SBI would be lending the gold to jewellers at an interest (lending rate) of nine to 10 per cent. Gold depositors can earn interest ranging from three to four per cent on maturity periods from three to seven years. On SBI entering into insurance business, Vaidya said a consultant would be appointed within the next seven to ten days to choose a foreign partner. Three names from a panel of six have been shortlisted, he added. He said SBI's application for entering into insurance and pension management business would be submitted to the insurance regulatory authority the moment the IRA bill is passed by which time the foreign partner would have been chosen. Initially, 500 bank branches would sell insurance products, he added, reports PTI. expressindia.com