If you are a banker in Kerala then you certainly have a reason to cheer. According to a report by State Level Bankers Committee (SLBC), the deposits made by non-resident Indians (NRIs) in Kerala banks have touched nearly Rs. 38,000 crores from Rs. 29,889 crores in the recently ended financial year (March 31, 2009).
The total deposits made in all these banks have increased from Rs. 105,488 crore in March, 08 to Rs. 130,350 in March, 09. The biggest gainer has been the State Bank of India group, with their profit percentage getting a steep 42.62 percent hike; with total investment from NRIs being Rs, 15,779 crore. Private sector banks came second with deposits of Rs. 10,316 crore. Other nationalised banks shared the rest of the profit pie with an accumulation sum of Rs.10, 249 crore. According to the committee, earlier in March, 07, total NRI deposits touched Rs. 33,000 crore mark, but fell by Rs. 4000 crore in the next fiscal year.
Currently, there are more than 2,000,000 Malayalees settled outside India, with the majority being in the Middle East. While there has been a constant migration of its population elsewhere, God’s own country continues to attract tourists – both Indian and foreign – in large numbers. Widely regarded as one of the loveliest places on earth, Kerala is blessed with an evergreen topography fed with bountiful rain. A coastline on one side and the Western Ghats on the other, the state is every tourists’ delight.
The heartening last word is that whether it is people leaving the state or others visiting it, Kerala stands to gain. The forex reserves and the revenue from tourism are proof that the situation is clearly win-win.