The Hindu Business Line : NRI deposits picking up in Kerala

This marks a reversal in the declining trend in non-resident deposits recorded in the first half year of 2005-06, according to the latest review by the State Level Bankers Committee (SLBC).

The non-resident deposits increased by a healthy Rs. 822 crore during the quarter — from Rs. 28,819 crore as on September 30, 2005 to Rs 29,641 crore at the end of December 2005.

The non-resident deposits constituted 40.67 per cent of the total bank deposits of Rs 43,236 crore in the State at the end of the quarter. Compared to March 31, 2005, the non-resident deposits increased by Rs 521 crore.

In the corresponding period of the previous fiscal, there was a fall of Rs 1,163 crore in non-resident deposits in the State. On a year-on-year basis, there was a modest increase of Rs 704 crore as on December 31, 2005.

The State Bank group accounted for the maximum share of non-resident deposits with 38.01 per cent, followed by private sector banks with 30.25 per cent. The other nationalised banks reported a share of 30.07 per cent, while the foreign banks had a share of 0.89 per cent.

The semi-urban areas contributed the chunk of Rs 20,675 crore, which was 69.75 per cent of the total non-resident deposits in the State. The urban areas logged Rs 6,250 crore (21.09 per cent) and the rural areas Rs 2,716 crore (9.16 per cent).

The SLBC review showed that the total number of branches of commercial banks in Kerala stood at 3,554 at the end of December 2005.

Of this, the public sector banks accounted for 2,410 branches, which formed 67.81 per cent of the total branch network in the State.

More Stories on : Fixed Deposits | NRIs | Kerala

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