Home Economy NRI deposits in Kerala banks touch record high

NRI deposits in Kerala banks touch record high


Thiruvananthapuram : Deposits by non-resident Indians (NRIs) in Kerala banks grew from Rs.29,889 crore in March 2008 to a record high of Rs.37,019 crore as on March 31, 2009, according to the State Level Bankers Committee (SLBC).

This was revealed at the 99th meeting of SLBC that took place here Thursday.

The total deposits in all banks in the state have gone up from Rs.105,488 crore in March 2008 to Rs.130,350 crore in March 2009 .

The State Bank group bagged the highest share – 42.62 percent – of the total NRI deposits with Rs.15,779 crore.

Private sector, which received Rs.10,316 crore, came second, while other nationalised banks accounted for 27.68 percent with Rs.10,249 crore.

The committee said the NRI deposits peaked earlier in March 2007 at Rs.33,330 crore, but fell in 2008 to Rs.29,889 crore.

There are more than two million Keralites settled outside the country of which close to 90 percent are in the Middle East.