This post was originally published on 30 September 2015.
The deposits made by NRIs in Kerala banks crossed the Rs. 1 lakh crore (Rs. 1 trillion) mark by June 30 this year, according to a report released on Tuesday.
The State Level Bankers Committee report said the total deposit was Rs. 1,17,349 crore – an almost 25 per cent jump from Rs. 94,097 crore as on June 30, 2014.
NRI deposits in the Kerala banks have been growing over the years. They totalled Rs.75,883 crore on June 30, 2013.
The latest study report of S Irudayarajan said 90 per cent 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 per cent.
SBT, Federal Bank tops in deposits
Kerala’s bank State Bank of Travancore led the field with NRI deposits of Rs.28,228 crore, followed closely by Federal Bank with Rs.24,736 crore.
The report said that in Kerala, the total number of branches of all the banks put together stand at 6,010 with 7,951 ATMs.
The total bank deposits in Kerala as on June 30, 2015 stood at Rs.3,28,763 crore – up from Rs.2,83,928 crore in June 2014.