Bank deposits in Gujarat grow by 13.55% in Q3

The aggregate deposits of various banks in Gujarat have increased by 13.55 per cent for the quarter ended December 2009, while advances by banks have registered year-on-year growth of 13.30 per cent in the third quarter of fiscal 2009-10.

As per the data compiled by the State Level Bankers' Committee (SLBC)-Gujarat, the total deposits of the banks in the state have increased by 13.55 per cent to Rs 2,10,738 crore during the quarter ended December 2009 from 1,85,590 crore during the quarter ended December 2008.

However, the deposits have surged by only 2.15 per cent or Rs 4,437 crore from Rs 2,06,301 crore of deposits registered in the quarter ended September 2009. The non-resident Indians (NRIs) deposits increased by Rs 102 crore at Rs 22,360 crore forming 10.61 per cent of the total deposits registered as on December 2009.

During the quarter under review, Gujarat State Cooperative Agriculture and Rural Development Bank Limited (GSCARDB) registered the highest growth of 17.24 per cent in its deposits over the previous quarter. GSCARDB was followed by private banks with deposit growth of 9.69 per cent, District Central Co-operative Banks (DCCBs) with 2.54 per cent, Regional Rural Banks (RRBs) with 2.36 per cent, Nationalised Banks (1.47 per cent). State Bank Group showed a negative growth of 0.30 per cent over the previous quarter.

The aggregate advances of the banks in the state rose by 13.30 per cent on year-on-year basis to Rs 1,43,015 crore in third quarter of 2009-10 from Rs 1,26,227 crore for the same quarter in 2008-09. "The advances by the banks increased by Rs 7,423 crore from Rs 1,35,592 crore as on September 2009 to Rs 1,43,015 crore as of December 2009," states the SLBC report the second quarter of 2009-10.