NRI deposits in Kerala banks on a high

NRI deposits in 3,539 branches of various banks grew from Rs 288 billion in December 2005 to Rs 329 billion on Dec 31, 2006.

NRI deposits in Kerala banks touched a new high of Rs 329 billion on Dec 31, 2006.

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NRI deposits in 3,539 branches of various banks grew from Rs 288 billion in December 2005 to Rs 329 billion, constituting 38.42 per cent of all deposits in the state's banks, said figures released at a bankers' committee meet in Thiruvananthapuram on Tuesday.

Details of the NRI deposits show that the State Bank group leads the pack with a total of Rs 124 billion, followed by private sector banks with Rs 101 billion. Then come nationalised banks with Rs 97 billion.

The State Bank of Travancore, Kerala's own bank, leads all other banks with a record Rs 81 billion. Among private sector banks, the Federal Bank leads with Rs 48 billion.

Kerala has a record two million Keralites working abroad, of which close to 85 per cent are in the Middle East.