Global uncertainty and economic downturn haven’t dithered Gujaratis from investing in bank deposits. The State Level Bankers’ Committee (SLBC), Gujarat, has claimed that bank deposits surpassed the Rs 10-lakh crore mark, growing 11% in the fiscal year 2022-23 in comparison to the previous fiscal. A national daily has reported that deposits stood at Rs 10.76 lakh crore during the fiscal year.
Central and South Gujarat recorded the highest deposits in Gujarat among 10 districts. Vadodara, Anand, Surat, Bharuch, Navsari and Valsad contributed 33.26% of the total deposits in Gujarat.
The report added that Gandhinagar, Rajkot, Ahmedabad, and Vadodara comprised 62% of the total deposits. Ahmedabad alone commanded 28.8% of the state’s total deposits at Rs 3.1 lakh crore.
Navsari, Bharuch, Anand, Valsad and Kutch districts comprised a massive chunk of deposits, thanks largely to the contribution of NRIs.
The daily has analysed that Gujarat’s Micro Small and Medium Enterprises (MSMEs) are flourishing, which is showing in the repayment capacities. Several MSMEs are restructuring their businesses, thereby reducing bad loan burdens, it added.
Even their Non-Performing Assets (NPAs) have come down indicating the sound health of the state’s economy. Even advances to these business entities have gone up by 17% from Rs 2.13 lakh crore to Rs 1.82 lakh.
The report, citing SLBC data, highlighted that after the pandemic, the gross NPAs for MSMEs have reduced by 10% from Rs 9,326 crore in FY2022 to Rs 8,432 crore in the year.
The 177th SLBC meeting was held in Ahmedabad recently.