Gujarat has Asia's richest village: Every resident in this desert town has nearly Rs 22 lakh fixed deposit
Madhapur, a village on the outskirts of Bhuj in Gujarat, is dubbed 'Asia's richest village.' With a population of around 32,000, up from 17,000 in 2011, its residents hold fixed deposits worth Rs 7,000 crore. The village's prosperity is attributed to its NRI (non-resident Indian) families who deposit crores every year in local banks and post offices.
Madhapur is home to the Patel community and boasts 17 banks, including major public and private banks like HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank, and Union Bank. This is unusual for a single village, but more banks are interested in opening branches here.
The significant deposits are primarily from families who live abroad, particularly in African countries where Gujaratis dominate the construction business. Many residents also reside in the UK, Australia, America, and New Zealand.
«Though many villagers live and work abroad, they remain attached to their village and prefer parking their money in the banks here rather than where they live,» said Parulben Kara, former president of the District Panchayat.
The local branch manager of a nationalized bank in the village commented on the impact of these deposits. «The huge deposits have made it prosperous. It has all basic facilities like water, sanitation, and road. There are bungalows, both public and private schools, lakes, and temples,» the manager said.
Despite many residents living abroad, they maintain strong ties to Madhapur. The village has almost 20,000 houses, with around 1,200 families living overseas.
