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NRI deposits in Kerala stands at Rs.62,708 crore
Tuesday March 26, 2013 12:43:35 PM,
IANS
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Thiruvananthapuram: The bank deposits by non-resident Indians (NRI) in Kerala stood at
Rs.62,708 crore till December 2012, bankers said Tuesday.
There are now around three million Keralites who work in foreign
countries, close to 90 per cent of them in the Middle East
countries.
The deposits at the end of corresponding period in 2011 totalled
Rs.45,937 crore. These figures were made public at the 109th
meeting of the State Level Bankers Committee.
Maximum deposits were done in the State Bank group, which
attracted 40.58 percent or Rs.25,445 crore of the total deposits.
The private sector banks aggregated a total NRI deposit of
Rs.23.395 crore.
The semi-urban areas of Kerala accounted for 62.85 percent of the
deposits followed by 31.34 per cent in the urban areas with the
rural diaspora accounting for a mere 5.81 percent of share in the
deposits.
Within the State Bank group, Kerala's own State Bank of Travancore
led with Rs.17,258 crore of NRI deposits.
Kerala headquartered Federal Bank stood first among the private
sector banks with Rs.11,032 crore deposits and they accounted for
close to 50 per cent of all the NRI deposits in the private sector
bank category.
The diaspora through its deposits into Kerala banks has been the
mainstay of the state's economy.
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