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Sankar Radhakrishnan

Thiruvananthapuram , Sept. 13

STATE Bank of India (SBI) is fully prepared for the redemption of its India Millennium Deposits (IMDs) in December this year, said Mr A.K. Purwar, Chairman, SBI.

Special teams have been set up for the purpose and the bank's overseas offices have already started offering new products for those who wish to re-invest their earnings, he told Business Line. However, the new investment products will be designed to reflect current interest rates, he added. And for those who desire to redeem their IMDs, the bank would make instant payments, he emphasised, adding that, "SBI has a culture of honouring on time".

The bank will announce details of its planned overseas acquisitions in six-eight weeks, he said. Asked whether the acquisitions would be in Asia or Africa, he replied: "Why not one in each?"

According to Mr Purwar, all sectors of the economy had been driving credit growth.

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