The State Bank of India raised 5.6 billion dollars at 8.5per cent interest under this scheme, mostly from NRIs in the Gulf. The Common Public would think that so much of foreign exchange was brought to India from abroad. But in reality about 4 billion dollars were simply transferred from some other bank in India - money which was already in India. Only about 1.6 billion dollar of fresh foreign exchange was brought in to the country.

Under the SBI scheme anyone who had an existing foreign currency deposit in Indian banks could transfer that money into the SBI's Millennium Account and gain 2-3per cent more interest. For example I had a fixed deposit account in dollars with an Indian bank which was getting 5.5 per cent interest and I transferred that money into the SBI's Millennium Account. I gain 3per cent more interest for the money which I had remitted to India more than one year ago! I do gain but what about the country?

Why the country has to bear 3 per cent more interest on 4 billion dollars for 5 years? In addition, a 2- 3 per cent commission as collection charges is paid to the foreign banks who acted as collection agents for this scheme. Thus in total 72 crore dollars or 3400 crore Rupees is paid just for transferring money from one pocket to another.

What For? If this money was lying in the other banks, mostly private banks in South India, the government cannot play with that money. Just imagine the amount of commission that will be taken as bribes by politicians when huge loans are approved by SBI using this 18000 crore Rupees? Only if   large loans are given, politicians can get bribe for that. The more money the government bank has, the more loans can be given and more bribes can be received. What if the country loses 3400 crore Rupees in this process? Who cares?

This is just one example on what are the ways of corruption (that most people will never know at all) and what high a price the country is paying for it.