NRI Deposits In Kerala Banks Cross 1 Lakh Crore

By siliconindia | Monday, 22 June 2015, 11:09 Hrs

THIRUVANANTHAPURAM: Deposits of non-residents (NRs) in Kerala banks have crossed 1 lakh crore in the last fiscal, said a state level bankers committee (SLBC) report released here.

NR deposits in Kerala banks have been growing over the years. From 66,190 crore in March 2013, these climbed to 93,883 crore by March 31, 2014, and further to 1,09,603 crore in the last fiscal, the report said.

Kerala's State Bank of Travancore (SBT) was leading with deposits of 26,613 crore by the state's immigrants, followed closely by Federal Bank with 23,214 crore.

The State Bank of India has a total NR deposit of 14,456 crore.

One interesting aspect of non-resident deposits is that NR deposits in all 21 nationalised banks in the state add up to 23,203 crore, less than such deposits with the SBT and the Federal Bank considered separately.

The latest study report of S Irudayarajan said that 90 percent of Kerala's 23.63 lakh diaspora is working in Middle-East countries, of which United Arab Emirates accounts for 38.7 per cent, followed by Saudi Arabia at 25.2 percent.

The exchange rate of U.S.dollar to Indian rupee was 54.28 on March 31, 2013, 60.05 on March 31, 2014, and 62.33 on March 31, 2015.

The SLBC report points out that the total number of branches of all banks in Kerala stands at 5,984 and 8,477 ATMs.

Total bank deposits in Kerala in the last fiscal stood at 3,19,890 crore, up from 2,79,655 crore in March 2014, while the total advances extended by these banks grew from 1,92,010 crore in March 2014 to 2,18,706 crore in the last fiscal.

Source: IANS