SBT mops up record NRE deposits

Thursday, 27 March 2003, 08:00 Hrs
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THIRUVANANTHAPURAM: The State Bank of Travancore (SBT) has mopped up a record deposit of 62.46 billion from non-resident external (NRE) accounts out of a total 274.87 billion NRE deposits in Kerala.

According to a State Level Bankers Committee report, this premier bank of Kerala leads ahead of all other banks in the state in terms of NRE deposits.

The total deposits in 3,345 branches of various banks in Kerala at present stand at 560.93 billion.

The SBT with the highest number of 555 branches in the state leads in total deposits with a staggering 121.96 billion.

Alwaye-based Federal Bank, a private bank in Kerala, which has 306 branches comes second and has a deposit of 62.94 billion, including 38.53 billion NRE deposits.

State Bank of India with 228 branches in the state comes third with a 61.09 billion deposit, NRE deposits accounting for 34.42 billion.

Canara Bank despite having 238 branches in Kerala has a total deposit of 56.8 billion and NRE deposits worth 32.73 billion.

Among the new generation banks HDFC bank with 10 branches has a total deposit of 4.36 billion and NRE deposits worth 1.15 billion.

Among the foreign banks HSBC with just one branch in the state capital has a deposit base of 1.84 billion and NRE deposits of 1.36 billion.

Bank of Rajasthan with just one branch has the lowest deposit of Rs 16 million.

The Jammu and Kashmir Bank which has just two branches in Kerala has the lowest NRE deposit with just 400,000.
Source: IANS
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