This post was originally published on 4 January 2015.
Kerala’s nearly Rs. 90,000 crore of NRI deposits, which is highest in the country, pales into oblivion when compared to the over Rs. 1,000 crore that the members of this sleepy Dharmaj village near here cumulatively have in their banks.
The tiny Dharmaj village in Anand district, about 70 km from here, has a population of only 11,333 but has as many as 13 banks.
For the past several decades, NRIs in this village have been depositing money in banks and post offices and the kitty today has grown to overRs. 1,000 crore, making it one of the richest villages in the country and with the highest NRI deposits.
Deputy General Manager of Vadodara division of Central Bank of India, R N Hirve told PTI that NRIs of this village prefer to park their money in banks which are mostly state-run banks and therefore the deposit in the banks have now cumulatively run into more than Rs. 1,000 crore.
The rich flow of funds has made Dharmaj one of the richest and most literate villages not only in the State but also across the country.
The over 3,000 Patidar families live life king size and zip past in swanky cars and almost every family in the village has a member sending in the money for several decades.
There as many as 1,700 families hailing from this village settled in Britain, around 300 families in the US, 160 in New Zealand, 200 in Canada, and 60 in Australia, among others, taking the total number of families staying abroad to around 3,120.