NRI deposits to Kerala cross Rs.1 trillion

Of the total NRI deposits of Rs.6.04 trillion in Indian banks, foreign exchange deposits in Kerala have for the first time crossed the Rs.1 trillion mark.

By comparison at end December 2014, NRI deposits in Gujarat banks were at Rs.49,722 crore.

In addition there are remittances going to Kerala through various foreign exchange money transfer companies such as Western Union and commercial banks.  A large section of NRIs working at low skilled jobs in the Gulf also send money back home through their friends and relatives, details of which no recorded data exists.