PSBs sore on IMDs' major chunk moved to foreign players

Public sector banks have been upset at being outplayed in mobilising India Millennium Deposits (IMDs) by the foreign counterparts, which they claim cornered large parts of the deposits by offering higher brokerage and through loans.

As the Centre is celebrating the mega success of the IMD scheme, which has raked in over $5.2 billion. Officials of the PSB's involved in the IMD mobilisation abroad said their effort had virtually come a cropper after incurring a heavy expenditure for marketing these deposits.