Mumbai accounts for 53.51% of total deposits held by all the four metros in the country — Chennai, Delhi, Kolkata and Mumbai, according to the Reserve Bank of India. The city had bank deposits of Rs 15,72,580 crore at the end of March 2015, way ahead of Delhi which had `871,898 crore as term deposits.
Mumbai accounts for 18.90% of the total all-India bank deposits of `83,17,250 crore. In other words — out of every `100 deposit in the bank, `18.90 is held in Mumbai. The high deposit base is because Mumbai is where the headquarters of several top corporate houses including the Tatas, the Ambanis, the Birlas and
the Mahindras are located.
The city is also the home base for leading banks such as State Bank of India, ICICI, Bank of Baroda and HDFC. The city, which houses the top two stock exchanges — National Stock Exchange and the Bombay Stock Exchange — also has a high high net worth or HNI segment and the investors in stocks and bonds. Not surprisingly, total deposits held by the household sector were `493,200 crore.
This is almost equivalent to the combined deposits of the government, corporates and households in Chennai and Kolkata.
Apart from households, private corporate sector (Rs 268,080 crore), banks (Rs 139,200 crore) and other financial companies (Rs 106,560 crore) account for the total deposits in Mumbai. However, Delhi leads on one count: Delhi has `233,197 crore deposits by the government while Mumbai has `180,710 crore in terms of government deposits.
As a city which commands considerable financial muscle, Mumbai is naturally positioned to emerge as an international financial centre (IFC).
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