[HKFella]

Anyone received any form of actual payment indication for RIB's yet? I read once that SBI were going to come up late Sept with some way to attract some of the payouts Anyone know of kinds of deals around, not just SBI?

(Apologies to non-NRIs, non-non-residents of Indian origin, who may not understand ony of this).

[kombuchakid]

No need for apologies, as 2 things tell me you are into esoteric mystics
1 being an NRI I still haven't a clue as to what you are referring to
2 no replies to this post

Apologies to non-NRIs, non-non-residents of Indian origin, who may not understand ony of this).

so perhaps you can delve into the propectus of this 10 Crore issue and tell me in simple language if it worth ploghing into

http://www.vijayabank.com/

[kombuchakid]

but of course I meant ploughing

[shri larger fonts pulesse]

[HKFella]

KK, it's about those "Resurgent India" 5-year bonds issued with much fanfare by SBI (you know 'em, right?) 5 years ago to non-US NRIs.

BTW. repayment drafts were promptly delivered by DHL on due date (well, Oct 2 as Oct 1 was a HK holiday). With India's forex reserves spilling out of the pot now (USD 90b now and growing), I suppose very little risk premium would be offered from that direction now, unless banks individually wanted to tap into some of the repaid USD 5.5b swishing around for their own bottom lines.

[kombuchakid]

Ah so, remember being most underwhelmed by the name at the time.
I mean when was India ever surgent?

So no impressions on Vijaya Bank?

[HKFella]

I know the name sounded a bit bombastic at the time, but then it was a BJP-government led initiative, so I guess according to them things would have been "surgent" in the days of Ram Rajya!!

It was controversial at the time too, as a premium interest rate was offered (pampering NRIs) and foreign banks were given incentives to get subscriptions. Guess the central bank felt forex reserves of some USD 27b weren't enough for Asia's 3rd largest economy, but raising funds through sovereign paper might drive up institutional country risk perceptions at an already difficult time. So instead tap NRIs who'd have a more insider's perception of country risk. Also, in the words of an ex-governor RBI at the time, "The success of the RIB will be the best response to the global Jeremiahs who have written off India." I think they raised USD 4b, double the initial target. With forex reserves at USD 90b now, you could say there's been some element of resurgence alright. No? Not to say that piling up reserves for their own sake a la Japan, China, Taiwan, and HK is too smart a thing to do.

Re Vijaya Bank, what do you have in mind? OK, so they have a website!!

[kombuchakid]

Yes you are right there is a lot of surging going on in India, and this unhealthy fixation of reserves is only part of it.

http://nationaldebate.nic.in/

My question re VB was pertaining to there 100 million rupee share issue, details of which are available on their website