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Sudhanshu Ranade

Chennai , March 4

THE story has often been told. But a few in the media have come up with solid data to back their claim.

This report attempts to plug this gap on the basis of data provided by the RBI in its 2003 Basic Statistical Return. Public sector banks still `controlled' the bulk of individual depositors in March 2003.

Almost half of all individual accounts were with them at that time; and about 46 per cent of all individual deposits.

In sharp contrast, foreign banks controlled only about a quarter of a percentage point of individual accounts and 1.7 per cent of individual deposits.

However, the average foreign bank account (account holder?) had a deposit of Rs 1,20,000, as against an average of only about Rs 27,000 for private banks, and Rs 20,000 for public sector banks as a group.

The accompanying table helps understand the distribution of individual accounts (as distinct from, say, public sector, corporates and trust funds) and the deposits held in them.

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