Wednesday, July 24, 2024

Gujarat among India’s top 10 states in deposits per capita

Reserve Bank of India (RBI) data revealed that Gujarat has secured its place among the top 10 states in India in terms of deposits per capita.

As of March 31, 2023, the state’s deposits per capita stood at Rs 97,000, positioning it as the ninth-highest among the major states in the country.

While several smaller states and union territories boast higher per capita deposits, Gujarat holds a respectable position among its major counterparts.

Gujarat generally exhibits a higher level of financial literacy, and a significant portion of the public’s wealth is also invested in other asset classes such as equities, mutual funds, and bullion. This may explain the relatively lower per capita deposits in banks.

Banking professionals attribute Gujarat’s relatively strong deposits to the presence of numerous public sector undertakings (PSUs) and large corporate entities in the state.

These establishments contribute significantly to the volume of bank deposits.

Delhi leads the pack with per capita deposits of Rs 3.94 lakh, followed by Goa (Rs 3.92 lakh), Haryana (Rs 1.64 lakh), Punjab (Rs 1.51 lakh), Karnataka (Rs 1.26 lakh), Uttarakhand (Rs 1.24 lakh), Maharashtra (Rs 1.24 lakh), and Kerala (Rs 1.02 lakh).

As per the latest report from the Gujarat State-Level Bankers’ Committee (SLBC), the aggregate deposits across scheduled commercial banks, cooperative banks, and small finance banks in the state reached Rs 10.76 lakh crore.

Furthermore, Gujarat is actively promoting the opening of Jan Dhan accounts under the financial inclusion scheme.

As of May 31, mutual funds in Gujarat managed assets worth Rs 2.93 lakh crore, demonstrating diversified wealth investments.

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