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SBI puts RIB on Web to net NRIs, OCBs

State Bank of India is leaving no medium untapped to promote its Resurgent India Bonds.

So: publicity on the Internet to attract non-resident Indians and overseas corporate bodies.

While a large number of NRIs and OCBs can be reached through conventional channels, SBI believes that an even larger number can be reached through the Net.

The Web site (http://www.sbi.co.in/indexres.htm) contains the entire offer document and downloadable versions of the application forms, which intending investors can download and print on their printers.

To ensure that a large number of people can connect to the site simultaneously, the entire web site is also mirrored at another location, (http://www.statebankofindia.com/indexres.htm).

In order to facilitate answers to any questions that NRIs and OCBs may have about the bonds, the web site also features what in Internet parlance is known as FAQ - a list of frequently asked questions, along with their answers.

SBI officials said they are optimistic about getting the clearance from the Securities and Exchange Commission of the US before the issue opens on August 5. The bank hopes to find 25 to 30 per cent subscription from investors based in the United States. Leading banks like Citibank and Bank of America are expected to help in marketing the bonds in the US.