Asia’s Richest Village Is In This Indian State With Residents Having Rs 7,000 Cr FDs

Madhapar: In Gujarat, prosperity isn’t just limited to the cities. The state, which has given India its top industrialists and entrepreneurs, also has Asia’s richest village, Madhapar. This village is on the outskirts of Bhuj. According to media reports, residents of this village hold fixed deposits worth Rs 7,000 crore. Mostly inhabited by the Patel community, the village has a population of around 32,000, up from 17,000 in 2011, reported the NDTV.

There are at least 17 banks in this village, including major public and private banks like the HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank, and Union Bank—quite unusual a figure for a single Indian village. Reports claimed despite the given number of banks, more banks are interested in opening their branches in this village.

But, why is it the richest village?

One possible reason for its prosperity is that it has many NRI (non-resident Indian) families, who deposit crores every year in local banks and post offices. The village has nearly 20,000 houses. But around 1,200 families live abroad, mostly in African countries, NDTV reported. Many are involved in construction businesses in Central Africa. Several live in the UK, Australia, America, and New Zealand as well.

‘Many prefer keeping money in local banks and not overseas’

Though many from this village live and work abroad, they prefer depositing their money in the banks in the village, rather than where they live, said Parulben Kara, former president, District Panchayat.

The local branch manager of a nationalized bank in the village also confirmed that huge deposits have made it prosperous. Thus, the village has all necessary facilities like water, sanitation, and road. Not just that, you find bungalows, both public and private schools, lakes, and temples, and plush assets here.