VADODARA (Gujarat): Kerala’s nearly Rs 90,000 crore of NRI deposits, which is highest in the country, pales into oblivion when compared to the over Rs 1,000 crore that the members of this sleepy Dharmaj village near here cumulatively have in their banks.
Deputy general manager of Vadodara division of Central Bank of India, R.N. Hirve said that NRIs of this village prefer to park their money in banks which are mostly state-run banks and therefore the deposit in the banks have now cumulatively run into more than Rs 1,000 crore.
Rich flow of funds has made Dharmaj one of the richest and most literate villages not only in the state but across the country.
There are as many as 1,700 families hailing from this village settled in Britain, around 300 families in the US, 160 in New Zealand, 200 in Canada, and 60 in Australia, among others, taking the total number of families staying abroad to around 3,120.
Bank of Baroda leads in such funds with its branch in this village having about Rs 125 crore, followed by Dena Bank with Rs 100 crore.
As many as 13 major nationalised banks, private banks and a cooperative bank are located in this village.
The other banks include State Bank of India, Bank of India, Central Bank of India, Allahabad Bank, Canara Bank, ICICI Bank, IndusInd Bank, HDFC Bank, PNB, Corporation Bank and Dharmaj People’s Cooperative Bank. – From Press Trust India