HDFC to tap NRI funds from US, Canada
By Our Banking Bureau | 13 Jun 2002
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Mumbai: HDFC Ltd is set to tap non-resident Indian (NRI) funds from the US, Canada and the UK as there appears to be an interest among NRIs in these countries in properties back in their native lands, particularly after the 11 September terror attacks, says HDFC executive director R VS Rao. HDFC is looking for franchisee arrangements with foreign banks, financial service companies or branches of Indian banks in these countries. The NRI business is expected to go up to Rs 600 crore in the current year.
