The Goa government is unable to provide employments to the Goan youth and hence Goans migrate abroad in a search of a better employment and today NRI Goans have become one of the major contributors towards the Goan economy with whopping 14,547 crores in a form of deposits in the various banks of Goa.
As of current scenario in Goa, the number of NRI have increased over the time, this number has increased due to the job vacancies and opportunities seen outside the country, making it easy for then to have a better lifestyle and mint money.
According the to reports published by the Goan Everyday, the deposits made by Non-Resident Indian (NRI) with all commercial banks in Goa stand a straggling Rs14,547 crore as of June 30, 2018.
It is well know that the Goan who have left the state and country and moved out, are doing well off when it comes to finance. This the reason the banks in the state are seeing the huge numerical of cash being deposited into the banks, which is a whopping of Rs 14,547 crore.
Goans are spread far and wide across seas, and so these Goans NRI make frequent deposits in banks branches in the state of Goa, this deposit has been witnessed due to the Indian banks which offer a much higher interest rates than the banks in developed economies like Europe and the US. Due to this very reason NRI’s prefer depositing with Indian banks.
The distribution was seen as Rs 7,542 crore worth of NRI’s deposits were with bank branches of North Goa and Rs 7,005 crore worth of NRI’s deposits were in bank branches of the South Goa.
Moreover, banks in Goa have attractive offers for the NRI, who deposit features like interest income is tax free and complete reliability of deposits.
Although the NRI finance deposits is good for the financial system of India, because such deposits help India in strengthening the balance-sheet of the Indian banks, in Goa. It has been very challenging for banks to give loans from their deposits.
The credit-to-debit ratio of all scheduled commercial banks put together stood at 32.8% as of in North Goa, in June 2018, this means that if Rs 100 was deposited only Rs 32.8 could be given a loan, said a source.
However, if the NRI’s deposits are excluded from the total then the credit-to-debit will increase by 40.9%.
SOURCE : THE GOAN