Kerala banks’ NR deposit breaks record; reaches 1 lakh crore

The graph of Non-Residents (NRs) deposits in Kerala banks is going up every year. The latest report by the State Level Bankers Committee (SLBC) revealed that current year’s deposits have been the maximum in the past few years, crossing Rs 1 lakh crore.

As per a report appeared in Economic Times, deposits of NRs in Kerala banks have crossed Rs.1 lakh crore in the last financial year from Rs 66,190 crore in March 2013 to Rs.93,883 crore by March 31, 2014, and further to Rs 1,09,603 crore in the last fiscal.

Kerala’s State Bank of Travancore (SBT) has been leading with a deposit amount of Rs.26, 613 crore by the state's immigrants, followed closely by Federal Bank with Rs.23, 214 crore. The State Bank of India was listed with a total NR deposit of Rs.14, 456 crore.

It is noteworthy that the NR deposits in all 21 nationalised banks in the state add up to Rs.23,203 crore, which is less than such deposits with the SBT and the Federal Bank considered separately.

Going by the figures quoted in the report, a total bank deposits in Kerala in the last fiscal stood at Rs.3,19,890 crore, up from Rs.2,79,655 crore in March 2014, while the total advances extended by these banks grew from Rs.1,92,010 crore in March 2014 to Rs.2,18,706 crore in the last fiscal.