NRIs ignore bank deposit carrot

 Non-resident Indians (NRIs) seem to have ignored the attractive savings schemes floated by banks. Less than 20 per cent of the $5.185 billion (Rs 22,151.83 crore) redemption proceeds of the Resurgent India Bonds, which matured in the first week of October, have returned to banks.

 Bankers said this could either mean that NRIs were low on confidence in the Indian market, or might have chosen to ignore the fixed-rate bank deposits in favour of the Indian equity market.

 Another theory doing the rounds is that a large portion of the funds was