27 November, 2020

Political Band-Aid

Indian-Americans invest in RIBs but see them as short-term solution

Political Band-Aid

MORE than patriotic fervor, it's the attractive bottomline that has fired the enthusiasm of the 1.5 million-strong Indian American community in the RIBs. "Yes, I have invested a decent chunk in the bonds," says Dr Sudhir M. Parikh, wealthy New Jersey-based physician and political activist. "It's an excellent vehicle for India to raise money and soften the impact of sanctions. For me it's a good investment because the deal makes a lot of business sense, and there's also an element of nationalism or patriotism."

 Srinivas Sunder, the dynamic head of SBI's operations in New York, told Outlook: "RIBs have been a big success, attracting all categories of people, from the salaried class to the wealthy business class. Patriotism is a factor but the bonds make enormously good commercial sense." He said that even cabdrivers queued up at the SBI offices in the city borough of Queens, to add to a collection which was already $250 million (as of August 19) and was expected to touch $350 million before the cut-off...



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