Banks posting an increase of 16.93 percent over previous year
Srinagar: Jammu and Kashmir has witnessed a tremendous increase in the bank branches across the state with the figures revealing that he people here have more accessibility to banks than in India.
The details received by KNS informed that one bank is available per eight thousand people at present where as In India one bank is available for every ten thousand persons.
Also from the last eight years, the number of bank branches (Public and Private sector) has almost doubled in number. In the year 2006, the number of bank branches in the state was 856 with the deposits of 19,281 crores. In 2007 the number reached to 867 with the deposits of 21956 crores. The details informed further that the number of bank branches here reached 1002 in the year 2010 with the cash deposits of 34233 crores and also the credit percentage was 46.88. At present the state has more than 1638 branches of different banks with the cash deposits of 64480 crores and 36.51 percent credits per hundred deposits.
The details with the KNS informed that the deposits in the financial institutions (banks) are posting an increase of 16.93 percent over the previous year. In aggregate, the share of private sector banks is 66.12 percent while as the next highest share is claimed by public sector banks of 25.19 percent. Also the share of the scheduled commercial banks in deposits is 95.72 percent and surprisingly only 4.28 percent contributions belong to central and state cooperative banks. (KNS)