Deposits of non-residents Indians in banks across Kerala have crossed Rs1 lakh crore in the last financial year, it was stated in a report of the state level banketrs committee released here on 22 June.
The NRI deposits have been growing over the years. From Rs 66,190 crore in March 2013, the deposits climbed up to Rs 93,883 crore by March 31, 2014 and to a staggering more than Rs one lakh crore in the last fiscal.
Kerala’s immigrants deposited Rs 26,613 crore in the State Bank of Travancore (SBT), followed closely by Federal Bank with Rs 23,214 crore, while the State Bank of India has a total NRI deposit of Rs 14,456 crore.
Interestingly, it was found that NRI deposits in all 21 nationalised banks in Kerala add up to Rs 23,203 crore, less than such deposits with the SBT and the Federal Bank considered separately.
The latest study report by S Irudayarajan said that 90% percent Kerala’s 23.63 lakh diaspora work in the Middle-East countries, of which United Arab Emirates accounts for 38.7% , followed by Saudi Arabia at 25.2%.
The exchange rate of US dollar to Indian rupee was Rs 54.28 on March 31, 2013, Rs.60.05 on March 31, 2014, and Rs.62.33 on March 31, 2015.