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MR.S.K.BHATTACHARYA, GM (NRI Services), SBI visits Kuwait

Mr. S.K.Bhattaryya, General Manager (NRI Services) of State Bank of India(SBI) and other executives of the bank visited Kuwait as part of their tour of Gulf countries to meet with exchange companies with who the bank has correspondent arrangements.

On the occasion of his visit, Mr. R.Kuppanna, General Manager of Kuwait India International Exchange Company, hosted an exclusive dinner meet on Monday, the 5th March, 2012 at “Caesars Dakshin”, Abbasiya. A large number of the company’s esteemed customers were present at the meet.

Introducing the General Manager of State Bank of India, Mr.Kuppanna said that Mr.S.K.Bhattaryya started his banking career in 1979 as a probationary officer in the State Bank of India. He has, over 30 years’ rich and variegated experience in all aspects of banking – Operations, Technology Management, Personal Banking, Human Resources, NRI Services, among others. He is also serving on the Board of Directors on three of SBI’s foreign subsidiaries. Mr. Bhattacharyya, a post graduate in Physics from I.I.T., Kharagpur has also professional accreditations – CAIIB from Indian Institute of Bankers, Post Graduate Diploma in Financial Management. Mr. Kuppanna also introduced Mr. Mohammed Rizwan, Chief Manager, NRI Branch, Secunderbad and Mrs. Suja Kurian, Chief Manager, SBI, Thiruvalla.

Mr. Bhattacharyya commenced his address to the gathering with a documentary film on State Bank of India: its origins, early history, its impeccable track record of performance over the past 200 years, its significant and dominant presence both domestically and abroad, its massive transformation into a tech-driven, aggressive and a customer friendly bank. The documentary depicted the strong presence of SBI in all segments of the economy – agriculture, industry, services. Truly, SBI is a proxy for the Indian Economy.

Mr. Bhattacharyya also spoke of the bank’s image as a safe, trust-worthy institution and mentioned its high standards of probity, integrity and corporate governance.

Mr. Bhattacharyya made a mention of the strong continuous business relationship of SBI with Kuwait India International Exchange Company for over 30 years and mentioned that the company has always been and continues to be managed by former SBI Executives.

Speaking on the occasion, Mr. Bhattacharyya stated that with the deregulations of interest rates by Reserve Bank of India, the NRIs could utilise the opportunity of investment in NRE Deposits: tax-free and fully repatriable with a rate of 9.25 % p.a. for any tenure between 1 to 10 years. The effective annual yield on a 10 year period works out to 14.95% p.a. due to the compounding effect, which means the principal grows almost two and half a times, he said. Also, those who would like to build their savings gradually could do so by sending their monthly remittances and lock-in the present high rate of interest for a longer period by opting for NRE Recurring Deposit Scheme. By this option, one enjoys the benefit of Systematic Savings (at a guaranteed, committed, contracted rate for the entire tenure) irrespective of the interest rates prevailing in the interim.

Mr. Mohd. Rizwan, Chief Manager, NRI Branch, Secunderbad presented the details with a power-point slide show.

The brief presentation was followed by an active “Question and Answer” session covering aspects of taxation, repatriability, products/services of the bank, remittances etc.

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