For the past one year, Kerala banks have been witnessing a marked increase in NRI deposits, which is estimated to have grown from Rs. 288 billion in December 2005 to Rs. 329 billion, constituting 38.42% of all deposits in Kerala banks.
With a total of Rs.124 billion, the State Bank tops the chart
of NRI deposits.
Close on the heels are private sector banks with Rs. 101 billion
and nationalized banks with Rs. 97 billion.
The State Bank of Travancore, Kerala’s own bank, has emerged out as the real leader with a record Rs. 81 billion.
Such a healthy increase in NRI deposits is all because of two
million Keralites who are working abroad. Of all, around 85%
are settled in the Middle East.