India has hit on a not-so-novel idea to shield an economy made vulnerable by high international oil prices. The government has got State Bank of India, the country’s largest bank, to sell Five-year foreign currency deposits to expatriate Indians to help tackle a worsening balance of payments situation.
| Indian taxpayers: footing the bill for a costly way to cut trade deficit | ||||||
SBI, whose largest owner is the Indian central bank, is expected to collect between $2 billion and $4 billion from the sale of India Millennium Deposits (IMD).
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