NRI Deposits in Gujarat cross Rs. 1 lakh crore

Ahmedabad: The deposits of Non-Resident Indians (NRIs) in banks across Gujarat have crossed ₹1 lakh crore for the first time in the September quarter this year. The primary reason for this is the global reduction in interest rates, while Indian banks have not witnessed any significant decrease in interest rates.

According to the State Level Bankers’ Committee (SLBC) report for September 2024, NRI deposits in Gujarat have reached ₹1,01,475.50 crore, compared to ₹89,057.83 crore in September 2023. This marks an annual increase of ₹12,418 crore. The top 10 districts with the highest NRI deposits in Gujarat include major districts like Ahmedabad, Surat, and Rajkot, along with smaller districts such as Kutch, Anand, Navsari, Kheda, and Porbandar.

Bankers attribute this trend to the significant impact of geopolitical tensions on the US and European economies. In contrast, India’s economy is performing well. As a result, Indians living abroad view India as a secure destination for their funds. Additionally, there has been a noticeable increase in NRI investments in real estate as an alternative investment option in their homeland. These factors have collectively contributed to the rise in NRI deposits in banks.

In Gujarat, Ahmedabad has the highest NRI deposits, amounting to ₹23,228 crore. Of the state’s 33 districts, 13 have NRI deposits exceeding ₹1,000 crore, while 15 districts have deposits ranging from ₹100 crore to ₹1,000 crore. Only a few districts have deposits of less than ₹100 crore. DeshGujarat