NRI deposits in Kerala bank up by Rs.3,795 crore

Thiruvananthapuram, Feb 2
The NRI deposits with Kerala's State Bank of Travancore (SBT) have registered an increase of Rs.3,795 crore, a top official of the bank said Monday.

SBT's managing director Jeevandas Narayan told reporters here that over a fourth of its deposits are accounted in the NRI (non-resident Indian) category.

"NRI deposits grew by Rs.3,795 crore to touch Rs.29,758 crore at the end of the third quarter of the current fiscal, while the bank's total deposit grew from Rs.89,337 crore as at the end of last fiscal to touch Rs.91,440 crore on Dec 31 last year," the managing director said.

Narayan pointed out that of the total 63 exchange houses that SBT has arrangements with in the Middle East, 15 were opened during the present fiscal.

He said he will be visiting the United Arab Emirates (UAE) and Oman later this week to call upon their business partners.

The SBT currently has a 23 percent market share in the total bank deposits and 26 percent share in the total advances extended by banks in Kerala.

Narayan also said that the draft letter of offer for issue of right shares has been filed with the Securities and Exchange Board of India (SEBI) for their approval, hence, he is unable to speak more on what the bank is going to offer in future.