Bank deposits in Goa increases by Rs 6,272 crore during current financial year: Economic Survey

Bank deposits in Goa have increased by Rs 6,272 crore during the current financial year as compared to the last fiscal, according to the Economic Survey Report tabled in the state Assembly last week.

As on March 31, 2019, there were 53 banks comprising 824 branches in the state and covering an average population of 1,770, said the report tabled in the House during the Budget session which concluded on Friday.

"As on September 30,2019, the banks mobilised deposits amounting to Rs 78,704 crore in 2019-20 compared to Rs 72,432 crore as on September 30, 2018," it said.

With this, the deposit level of banks increased by Rs 6,272 crore over the September 2018 level, it mentioned.

"Of the total deposits of Rs 78,704 crore, the domestic deposits contributed 81.64 per cent, which is Rs 64,257 crore, and the remaining 18.36 per cent, amounting to Rs 14,447 crore, was contributed through NRE (non-resident external) deposits," the report said.

Several Goan citizens, including seafarers, are working abroad and they send back their remittances through NRE accounts.

The Economic Survey Report also said the advances level of banks in the state as on September 30, 2019 was Rs 23,712 crore, an increase of Rs 2,476 crore over the September 2018 level.