What is a designated bank branch?
The Reserve Bank of India has approved a few branches of each authorised dealer bank to carry out operations on behalf of NRIs, as per the Portfolio Investment Scheme.
According to the Portfolio Investment Scheme, NRIs can select only one authorised dealer bank for investment purposes, and must route all investment transactions through the branch designated by the authorised dealer bank.
Approved designated banks for Geojit include IDBI, Federal Bank, Axis Bank, Bank of Bahrain and Kuwait, South Indian Bank & HDFC.
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