The Reserve Bank of India regularly releases statistics on bank deposits and credit. Mumbai is often called the financial capital of India. The extent of Mumbai’s domination in the nation’s business is reflected in the amount of money held as deposits in bank branches in the city. Together, Mumbai and Delhi account for 44% of India’s bank deposits. However, other cities are witnessing a faster growth in the bank deposit base than Mumbai and Delhi. Cities like Ahmedabad, Bhopal and Pune that do not figure among top 5 are witnessing a rapid growth in the deposit base at close to or over 20%.
Here are top 5 cities in the country by bank deposits held:
1. Mumbai: The maximum city has aggregate bank deposits to the tune of Rs 13,71,084 crore. The total bank deposits in India stand at Rs 48,34,567 crore. The city accounts for 28.3% of the total bank deposits in India. A large amount of money is held by companies that are headquartered in Mumbai. Large conglomerates like Reliance Industries, the Tata Group, the Aditya Birla Group among others are based here.
2. Delhi: Bank branches in the nation’s capital city hold the second largest bank deposits in the country at Rs 7,47,320 crore. Although it is a distant second, Delhi is serviced by 2,714 bank branches, the highest in any city.
3. Bangalore: The garden city of India is now the third largest bank deposit base in India. Companies and individuals in the city hold deposits to the tune of Rs 2,98,562 crore in the city’s banks.
4. Chennai: Chennai has witnessed the fastest growth of 16.7% in bank deposits among metros. While it ranks fourth in the aggregate bank deposit base order at Rs 2,32,411 crore, its credit growth is among the fastest too in metros at 16.2%. This means bank branches in Chennai are lending at a faster clip than before.
5. Kolkata: The city of joy is the fifth biggest city in terms of the money held in banks at Rs 2,19,004 crore.
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