Question
State Bank of India (SBI), has floated a green rupee
term-deposit scheme to raise money for financing environment-friendly projects. Which of the following statements is/are NOT TRUE with respect to the information given above - I. SBI will look at tapping family offices, entities that manage money for high net worth individuals, for garnering green money. II. These would be medium- and long-term deposits with three maturity buckets -- 1,111 days, 1,777 days, and 2,222 days. III. The deposit scheme is not open to resident individuals, non-individuals, and non-resident Indian (NRI) customers.Solution
State Bank of India (SBI), has floated a green rupee term-deposit scheme to raise money for financing environment-friendly projects. Besides approaching retail customers, SBI will look at tapping family offices, entities that manage money for high net worth individuals, for garnering green money. These would be medium- and long-term deposits with three maturity buckets -- 1,111 days, 1,777 days, and 2,222 days. The deposit scheme is open to resident individuals, non-individuals, and non-resident Indian (NRI) customers. The current framework permits green deposits to be denominated in rupees only.
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