Kerala becomes battleground in banks’ fight for NRI deposits
Banks are ramping up their operations in Kerala, known to be the hub for NRI deposits and remittances, while they strengthen their operations in the Gulf countries to deepen the customer connection.
«NRI deposits, characterised by larger ticket sizes and consistent inflows provide a valuable source of long-term funding. NRIs often seek secure and profitable avenues to park funds domestically, making this segment a stable and resilient deposit base,» said Federal Bank executive director Shalini Warrier.
Tamilnad Mercantile Bank has decided to set up a global NRI centre in Kochi with an aim to tap customers in West Asia as well as in Singapore and Malaysia.
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«We are seriously looking at the NRI clientele. The NRI deposit segment is contributing just about 4% of the total deposit and we expect to ramp it up to over 10%,» TMB managing director Salee Nair said.
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