Gujarat has 'Asia's richest village' with residents holding fixed deposits worth Rs 7,000 crore: Report

Village life is often connoted to simplicity, quaintness and economic disadvantages. However, according to an NDTV report, a village in Gujarat has broken these stereotypes and is probably the 'richest village in Asia.'

Situated in Kachchh district of Gujarat, on the outskirts of Bhuj, Madhapar is known as the wealthiest village of Asia, with its residents holding fixed deposits worth Rs 7,000 crore.

According to the report, Madhapar village has a substantial population of the Patel community. The village was inhabited by nearly 17,000 people in the year 2011, which has now increased to 32,000.

Explaining the reason behind the economic prosperity of the village, Parulben Kara, former president, District Panchayat told the publication that non-resident Indian (NRI) families of the village deposit crores of rupees to the local banks and post offices. Of the 20,000 families of the village, 1,200 live abroad, mostly in African countries.

Madhapar has 17 banks including major public and private sector lenders like HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank, and Union Bank, etc. Owing to the financial prosperity of the village, more banks are willing to open up their branches in Madhapar.

It is noteworthy that several Gujaratis work at construction businesses in Central Africa, but remain remain connected to their homeland. Though they live abroad in countries like UK, Australia, America, they still prefer their village banks when it comes to money.

Further shedding light on the living standards of the villagers, the local branch manager of a nationalised bank in the Madhapar told NDTV that it has all basic facilities like water, sanitation, and road. "There are bungalows, both public and private schools, lakes, and temples. The huge deposits have made it prosperous," the manager said.