Non Resident India (NRI) deposits in Kerala’s banks grew at a higher rate than their growth in domestic banks, state Finance Minister Thomas Issac revealed this month.
Tabling the government’s Economic Review in the Kerala Assembly, Issac said the total NRI deposits as on March 2019 grew by 11.83 per cent from Rs 1,69,944 crore in March 2018, to Rs 1,90,055.
“This growth is more than the growth of the domestic deposits which grew by 9.45 per cent to reach Rs 3,03,507 crore, up from Rs 2,77,291 crore during the same period. This has happened even when we see that there is reverse migration and at this moment, we do not know what will happen in the years to come,” said Issac.
The Economic Review revealed that the NRI deposits in public sector banks were one per cent (49 per cent) below the share of the NRI deposits in the private sector.
According to the latest Kerala Migration Survey conducted by the Centre for Development Studies, there are 2.1 million migrants from Kerala across the world.