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SBI planning new products

By Our Special Correspondent

THIRUVANANTHAPURAM July 4. The State Bank of India (SBI) proposes to launch new products to recoup at least 35 per cent of a payout of more than Rs. 25,000 crores that it has to honour by August, this year, against the Resurgent India Bonds issued in 1998.

At a press conference here today, the chairman of the SBI, A. K. Purwar, said the Resurgent India Bonds would mature in August, this year. The bank would have to spend more than Rs. 25,000 crores to pay for the matured bonds.

``Since this is a big amount, we are considering how we can effect a quick recoup of at least 35 per cent of it. We are in consultations with the Reserve bank of India to decide the nature and scope of the new products,'' he said. It was too early to disclose the nature of the products being contemplated, he added.

Mr. Purwar said an Asset Reconstruction Company, being set up by jointly by the SBI, IDBI, ICICI and the HDFC, would start functioning from this month. Each of these financial institutions would have 24.5 per cent stakes in the company. The remaining two per cent of the stakes would be shared by minor partners.

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