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Bonanza for Citibank clients

New Delhi, May 19: Citibank today became the first bank in the country to offer its account holders the opportunity to invest in offshore bonds as per the recent guidelines of the Reserve Bank of India.

In its credit policy for April-October 2003, the central bank had permitted resident and non-resident citizens to invest in “AAA” rated bonds which indicates highest safety.

“Account holders will be able to diversify his investment portfolio,” said Sarvesh Sarup, the bank’s chief of global consumer banking. He added the bank would introduce more services as “capital account convertibility takes shape in the country”.

In early January, finance minister Jaswant Singh had announced a package of measures designed to move the country towards convertibility of the rupee. Among the measures announced were a “general permission” for domestic firms to retain the ADR/GDR proceeds abroad and allow remittance up to Rs 5 crore from proceeds of sales of assets here.

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