What are HDFC Banks plans for Non Resident Indians?
For the NRIs, we did a survey to find out what are their needs. What they need here is a convenient mode of access on which they can deal, which we think is the Internet or the telephone. Secondly, since they are not resident as the name implies, they need somebody here to do the nitty-gritty, in terms of tax returns, in terms of dealing with the RBI, any other advisory that they may need. Thirdly, they need the usual gamut of financial services: that is, deposits, loans, buying and selling of shares, gifts and advisory. So, we said, why not come up with a product that on a one-stop basis achieves all of these? And that is our basic NRI offering. Whatever we don’t do, because we can’t in a short span do everything ourselves, we have tied up with other parties. So, for instance, we have tied up with Deloitte & Touche for tax and liaison with the RBI. What we want to provide is good service from a valuable brand name at a reasonable price point which they (the NRIs) will be comfortable w
