| State
Bank of India, Resurgent India Bond Issued For Non-Resident
Indians. |
| The
Client: |
| State
Bank of India, one of the largest commercial banks in India
provides personal and corporate banking services worldwide through
its network of more than 14,000 Branches across the world. The
Bank has accepted the NRI Deposits through its exclusive branch
called "NRI Branch - Mumbai" under the guidelines
of Reserve Bank of India. |
|
| The
Challenge: |
| The
NRI branch came out with a Resurgent India Bond Issue focusing
on Non - Resident Indians only. At the time of issue, the applications
were received from the NRI Investors along with their cheques.
These investments came in three currencies. The Bank had to
pay interest on half yearly basis to the Investors and finally
on maturity, the entire investment was redeemed. They needed
a thoroughly tested system, which could take care of all the
above activities and the various reports required by the statutory
bodies like Reserve Bank of India. |
|
| The
Solution : |
| Computronics
was the back office service provider to SBI - NRI Branch for
this issue. |
| The
RIB Bond Issue lasted for 30 days, which collected $4.3 billion
from approximately 150,000 investors across the globe. To expedite
the work the bank had designated 125 centers for collecting
the applications. These were received by Computronics via post
or fax. The applications were verified and then entered to into
a database. |
| As
part of the processing, the application were also scanned and
indexed according the SBI-NRI Branches requirements. The physical
documents were also bar coded and stored. After processing the
forms, individual certificates were issued and posted to the
investors within 30 days of receiving the applications. Various
MIS reports were also generated for the bank as per their requirements. |
|
| The
Benifits : |
| Computronics
provided prompt and a customized solution to SBI-NRI Bond Issue
to enable them to submit requirement information to the regulatory
and statutory bodies in a given format and time. |
