NRI News Letter from SBI Thiruvananthapuram Circle… March 2021/Vol.2, No.

NEWS ROUND UP

ECONOMY

 State Bank of India with market capitalisation of Rs. 3.42 trillion is now the most valuable state-owned
entity, even as other public sector firms struggle to retain their place in the bourses. Accounting for
22 percent of total bank deposits and nearly a fourth of the country’s total loan in FY 20, SBI’s market share
has remained unchanged in five years, while PSBs, excluding SBI, have seen their share erode from
65 percent in FY 15 to 50 percent in FY 20 on the lending and deposit businesses.
[Source: Business Standard]

 SBI Ecowrap analysis between 2012 and 2018 shows that countries like India, Britain, Egypt, Greece and
Italy that succeeded in reducing corruption levels by improving their overall rank in Transparency
International’s Corruption Perception Index have also achieved GDP growth. India improved its overall rank
from 94th in 2012 to 78th in 2018. [Source: The Economic Times]

 State Bank of India plans to overhaul its business model and strategies for loans to micro, small and medium
enterprises(MSMEs) to increase its market share to 20 percent by March 2024, from over 15 percent at
present. [Source: Business Standard]

 The value of transactions through the Unified Payments Interface (UPI) rose 19% month -on- month to
Rs. 5.05 lakh crore and the volume rose to 2.73 billion, as per the data released by National Payments
Corporation of India (NPCI) [Source: The Financial Express]

 The Monetary Policy Committee (MPC) of Reserve Bank of India voted unanimously to leave the policy
repo rate unchanged at 4 %. The marginal standing facility (MSF) rate and the bank rate remain unchanged
at 4.25%. The reverse repo rate stands unchanged at 3.35% [Source: RBI website]

 The International Monetary Fund (IMF) raised its FY22 growth forecast for India to 12.5% from 11.5%
estimated earlier in January 2021. [Source: The Economic Times]

 Outward remittances by resident Indians under the liberalised remittance scheme(LRS) were at $1.2 billion
in January 2021, up 34 % from $938 million in October 2020, with pick-up in outflows for family
maintenance and education as well as investment in equities and deposits. [Source: The Times of India]
 NATIONAL

 Indian engineers created history by completing the arch of the world’s highest railway bridge on Chenab
river in Jammu & Kashmir, which is 35 meters higher than the Eiffel Tower in France.
[Source: The Times of India]

 India attracted foreign direct investment (FDI) inflow of $72.12 billion in April-January 2021, the highest
ever for the first 10 months of a financial year. [Source: The Economic Times]

INTERNATIONAL

 With the total number of Covid-19 vaccine doses administered in the country crossing 10 crore, the Union
Health Ministry informed that India is the fastest nation to administer 10 million doses in 85 days.
[Source: The Economic Times]

 Doctors in Japan announced that they have successfully performed the world’s first transplant of lung
tissue from living donors to a patient with severe lung damage from Covid-19. [Source: The Times of India]

 While condoling loss of lives in Myanmar, India has urged maximum restraint and called for release of
detained leaders. [Source: The Economic Times]

KERALA

 Among the south-Indian states, Kerala is leading in the Covid-19 vaccination drive with atleast 10% of its
population receiving a dose of the vaccine. [Source: The Times of India]

 Kerala has bagged the sub-national tuberculosis-free certification award by the Centre for reducing the
TB cases by 37.5% over the last five years. [Source: The Times of India]

 Yusuff Ali M A, the chairman of retail group LuLu, was honoured with Abu Dhabi’s top civilian award for
his outstanding contribution to Abu Dhabi’s business, industry and support to various philanthropic
initiatives. [Source: The Times of India]
 FCNR Interest rate with effect from 10th April 2021 (in % p.a); (Annualized yield at the end of the period) #

Resident Foreign
FCNR (B) Deposits
Currency (RFC)
USD GBP EURO CAD JPY USD GBP EUR
Currency AUD
O
Period Rate Yield Rate Yield Rate Yield Rate Yield Rate Yield Rate Yield Rate
1 year 0.73 0.73 0.63 0.63 0.01 0.01 0.62 0.62 0.13 0.13 0.02 0.02 0.73 0.63 0.01
1 year to < 2 years 0.73 0.74 0.63 0.64 0.01 0.01 0.62 0.63 0.13 0.13 0.02 0.02
0.80 0.79 0.01
2 years to < 3 years 0.80 0.82 0.79 0.81 0.01 0.01 0.63 0.64 0.19 0.19 0.05 0.05
1.02 0.93 0.01
1.02 1.05 0.93 0.96 0.01 0.01 0.93 0.96 0.36 0.37 0.05 0.05
3 years to < 4 years
Maximum: 3 yrs
4 years to < 5 years 1.28 1.34 1.07 1.11 0.10 0.10 1.21 1.26 0.66 0.68 0.05 0.05
only
5 years 1.53 1.61 1.19 1.24 0.15 0.15 1.43 1.50 0.92 0.95 0.05 0.05

Interest Rate on NRI Loans

NRI Home Loan Starting from 6.95%
SBI Home Top Up Loan Starting from 7.50%
SBI REALTY - Home Loan for purchase of Plot Starting from 7.65%
P-LAP -Personal Loan Against Property Starting from 8.80%
Car Loan Starting from 7.75%
Green cars (Electric cars) Starting from 7.55%
 Performance Report as on April 07, 2021

Since
Compound Annualized
AUM (In Inception
Scheme Name
Crores) 1 3 5 7 10 15
SI
Year Years Years Years Years Years
SBI Multi Asset Allocation Fund 316.68 25.51 8.53 8.94 10.02 9.50 8.15 8.19

Please Contact your Home Branch or mail to Abhin.Naik@sbimf.com (Kindly mention your Home Branch while sending Mail)
*Mutual Funds are subject to market risk please read the offer documents before investing.
Kolukkumalai – Tourist Spot at Idukki

Located in steep,rugged terrain,at an approximate height of around 7950 feet above sea level, the world-famous
Kolukkumalai Tea Estate has its record as the world’s highest tea plantation. Situated on the lofty Kolukkumalai Hills,
this tea estate lies at an average distance of about 31 kilometers from the town of Munnar. Luring tourists for its
breathtaking atmosphere and awe-inspiring scenic beauty of lush tea gardens, this place is famous all over the world
for cultivating special and flavoursome tea leaves. Tourists visiting Kolukkumalai Tea Estate can get a chance to taste
the umpteen varieties of tea flavours and also purchase fresh tea leaves directly from this factory. Kolukkumalai Tea
Estate is best visited during the months of October to March. During this time the weather of the place remains
pleasant and the tea gardens look truly mesmerizing.

NRI DEPARTMENT
LOCAL HEAD OFFICE, POOJAPURA,
THIRUVANANTHAPURAM, KERALA - PIN 695 012
Email : nridesk.kerala@sbi.co.in
TeL : +91 471- 2351836,2192355 / 358