Overseas Remittances

Wise Payments eyes more of India's $32 billion in overseas remittances

Major lenders like ICICI Bank Ltd. and State Bank of India have dominated the outbound remittance market in India

Indian diaspora breaks record with $107 billion remittance surge in FY24

According to a survey by the Reserve Bank of India on post-Covid-19 remittances, the United States emerges as the primary contributor, constituting 23% of the total amount

Remittances decline 23% sequentially to $2.1 billion in February

Further, in April 2022-February 2023, outward remittances under LRS stood at $24.18 billion, an all-time high

Remittances from overseas Indians increased by 12% in 2022: FM Sitharaman

Underlining the contribution of non-resident Indians, Union Finance Minister Nirmala Sitharaman on Tuesday said remittances sent to the country by overseas Indians were about USD 100 billion for the year 2022, an increase of 12 per cent in one year. Speaking at a session during the Pravasi Bharatiya Divas (PBD) convention in Madhya Pradesh's Indore city, she described NRIs as the "real ambassadors of India" and appealed to them to use made in India products and services as far as possible so that the country's individual brand can be promoted across the globe. Sitharaman also said that after the "China plus one" policy, the world is now talking about the "European Union (EU) plus one" policy. The government is strongly presenting India to multinational companies as a country where they can set up their factories apart from China and the EU, she said. Sitharaman said the Indian diaspora should also partner with small and big businessmen of the country so that the entrepreneurial ski

Remittances from overseas Pakistani workers decrease 10.5% in September

Remittances sent by overseas Pakistani workers decreased 10.5 per cent in September 2022 on a month-on-month basis, the State Bank of Pakistan has said

What's the significance of the US overtaking UAE in remittances to India?

India's remittances from the Gulf saw a steep decline during the pandemic. But it was offset by a jump in remittances from the US. Let's understand the changing dynamics of inward remittances

Overseas remittances almost double year on year to $2 billion in April

Travel, relative care top the chart, with the former coming back to pre-Covid levels

Global remittances to rebound as economies recover from Covid impact: ADB

Growth in the money repatriated by migrant workers will slow to 4.2% in 2022 as base effects fade

Why Lanka wants migrant workers to remit funds via banking channels

The governor of Central Bank of Sri Lanka said he has seen a $300 million drop in remittances in just the last month

Deduction of interest due to prepayment of usance bill is allowed: Expert

Exporters may approach AD Category-I banks for reduction in invoice value on account of cash discount to overseas buyers for prepayment of the usance bills

Asia-Pacific may see up to $54.3-bn remittance loss due to Covid-19: ADB

The ADB said that employment in host economies of Asian migrants is contracting significantly

Kerala to train, export health workers; capitalise on remittances: FM Isaac

'There will be demand for Kerala nurses and paramedics all over the globe,' says Finance Minister Thomas Isaac

Remittances by overseas Indians dropped by $8.5 billion: Govt

The figure dropped to $65.59 billion in 2015-16 and further to $61.29 billion in 2016-17