NRI deposits in Kerala banks grow to Rs.34,649 Crore
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NRI deposits in Kerala banks grow to 34,649 Crore

Monday, 27 April 2009, 04:03 Hrs   |    2 Comments
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Thiruvananthapuram: Deposits by non-resident Indians (NRIs) in Kerala banks grew from 31,865 crore in June 2008 to 34,649 crore as on Dec 31, 2008, according to the State Level Bankers Committee (SLBC).

The SLBC in a meeting here Friday said the State Bank group has posted higher growth in deposits during the period than the other nationalised and private banks.

The NRI deposits in the State Bank group grew from 12,654.99 crore to 14,642.94 crore during June-December 2008, the committee said.

The nationalised banks saw the NRI deposits growing from 9,295.86 crore to 9,966.44 crore during the period, while the private sector banks witnessed a marginal growth from 9,422.4 crore to 9,432.67 crore.

The SLBC said the total NRI deposit in Kerala banks in 2008 will be much higher than the previous year's 29,889 crore.

Over the last two years, the growth of NRI deposits has been erratic after showing a huge increase from 24,534 crore in March 2002 to 33,303 crore in March 2007.

It fell to 29,889 crore in March 2008 but now again shows signs of revival.

The State Bank group has the highest share (42.26 percent) of NRI deposits as on Dec 31, followed by the nationalised banks (28.76 percent) and then the private banks (27.23 percent).

Of the total NRI deposits, 24,034 crore is in the semi urban areas of the state, the SLBC added.

There are more than two million Keralites settled outside the country of which close to 90 percent are in the Middle East.
Source: IANS
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Reader's comments(2)
1: If Kerala state government and people those who are living in kerala can make the state more industry friendly, i don't think NRIs will be reluctant to invest money in God's own country. Also how long keralites depend on employers in middle east?
Posted by:Sreekumar J - 27 Apr, 2009
2: Banks in India can offer NR(E)RA in domestic currency and FCNR(B) deposits in foreign currency ( US dollar, Pound Sterling, Euro and Japanese Yen). While term deposits with maturity of one to three years as well as savings deposits are allowed under NR(E)RA, only term deposits of one to three year maturity are offered under FCNR(B).
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Posted by:Ashley Alfred - 26 Nov, 2009
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