Financial awareness among Middle East NRI’s of Malappuram district with special reference to Perinthalmanna taluk

Abstract

A major driver of the local economy is the remittances of the migrants residing in the Middle East, by which banking sector in Malappuram has huge NRI deposits.And so, it's natural for Malappuram to hold 9th position in Top Ten Towns with highest per capita bank deposits in India.In the 1970s, huge oil reserves of the Persian Gulf were opened to commercial extraction, and thousands of unskilled people migrated to "the Gulf" seeking fortunes.They sent money home, propping up a sleepy rural economy, and by the late 20 th century the region had achieved first-world health standards and near universal literacy.The present development, both economic and social, of the Malappuram District owes to the Kerala Gulf diaspora.Perinthalmanna is a town and municipality in Malappuram district of Kerala