The Indian banking unit of US financial giant, Citigroup, today said it is awaiting permission from the Reserve Bank of India to market offshore mutual-fund products.
“We have furnished all the details with the Reserve Bank of India, as per the disclosure norms, and an approval is soon expected,” said Sarvesh Sarup, country business manager, global consumer group of Citigroup India.
Investors will now be able to purchase up to Rs 11 lakh ($25,000) worth of global mutual funds, he said.
Asked if the bank was looking at acquisitions, Sarup said: “We are always on the look out for opportunities and the bank has acquired some non-banking financial companies in the past.”
“We have grown quite big in India by adopting the organic route but are open to the idea of acquiring as and when an opportunity crops up,” Sarup told newspersons during the launch of its ‘women’s account’.
The account is targeted at women and will help them access loans at a preferential rate in addition to being offered a range of services and products, including credit cards free of cost.
“Loans will be given against the household income and at preferential interest rates, less than the market rate by a quarter to 50 basis points, would be charged,” Sarup told newspersons.
Moreover, the minimum balance of Rs 10,000 has been waived. The account holders would be able to avail the bank’s investment services, fixed-income securities and free accident and household insurance benefit.
Sarup said the bank’s growth driver would be the retail banking unit helped by housing and car loans, and is expected to clock a 35 per cent growth in 2004.
In 2003, total advances doubled to Rs 4,000 crore with the car-loan portfolio at Rs 3,000 crore and the rest consisting of home loans.
from the Telegraph, Calcutta, India
