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Description:
The Indian market presents a lucrative investment opportunity since it is expected to outperform the rest of the world over the next 20 years based on the fact that:
India is one of the fastest growing economies in the world - Goldman Sachs predicts the Indian economy to be the third largest in the world by 2050.
India is the world's third largest investor base only after the U.S.A. and Japan
India is placed amongst the most transparent and mature markets in the world
Although investing in India means a wider choice of investment opportunities, it can be a complicated process for NRI/NRGs living in Canada.
Outcomes:
In order to create a one-stop shop to provide NRI/NRGs with tailor made facilities to invest in this emerging and booming market and provide complete NRI/NRGs solutions to invest in Indian financial markets, the IGO selected three major banks in India. The banks selected are the State Bank of India (Nationalized bank and India's largest bank), ICICI Bank (Private sector bank and India's 2nd largest bank) and Centurion Bank of Punjab (Private sector bank).
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Nationalized bank and
India's largest bank |
Private sector bank and
India's 2nd largest bank |
Private sector bank |
Meetings have been held with senior officials of the State Bank of India, the ICICI Bank and the Centurion Bank in Goa and Toronto, Canada to:
- Understand how the interests of NRGs' and the interests of the bank intersect at various levels;
- this knowledge to maximize the services the bank can provide;
- n how the Bank can do the appropriate preparatory work in Canada so that needless "red tape" can be eliminated in Goa;
Access speedy and effective services in Goa;
- Understand the circumstances in which one can repatriate proceeds of investments tax free and/or shelter same to significant tax advantage.
Discussions are ongoing to identify the following:
- Dedicated Management in Canada to assist NRGs prior to their visit to Goa
- Dedicated Management in Goa to handle NRG banking affairs on a priority basis
- Referral and Introduction to Senior local branch management in Goa to assist in:
- Determining types of investment alternatives to meet investment goals - fixed deposits, savings & chequing, mutual funds, equities
- Hassle-free account opening
- Online access to account(s) statements
- Regular electronic updates on the latest happenings in the various Indian financial markets
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