Remittances

PayPal’s focus will remain on connecting India to the world rather than competing in the domestic payments market, the CEO said.

India-UK trade deal to give UPI a bigger play in Britain, ease remittances

It will allow Indians to make payments in UK shops by scanning QR codes and also send money to children studying in the that country using UPI once the FTA is operational

Non-resident Indians' remittances jump 14% to record high at $135 billion in FY25

The country has been the biggest receiver of diaspora remittances for the last 10 years, with the transfers more than doubling in the last 8 years from $61 billion

India’s remittances could reach over 4% of GDP by 2030: GATI Foundation founders Ashish Dhawan and Manish Sabharwal

India’s remittances, at around $129 billion, were almost double that of the second largest country Mexico at $68 billion in 2024

What does inward remittance data tell us?

Indian migrants are no longer predominantly working in blue-collar jobs in the Gulf

Gulf share of India’s remittances has declined; US pipped UAE in 2023-24: RBI survey

Analysis of data from the RBI bulletin shows that the United States, which was the second largest contributor to remittances in 2016-17, with a 22.9 percent share pipped UAE to become the largest contributor with a 27.7 percent share in India’s total remittances

Cross-border payments startup Skydo raises $5 million in pre-series A round led by Elevation Capital

The funds will be deployed to acquire payments licences across geographies, expand internationally and enable customers to send and receive business payments across multiple countries

Growing remittances an excellent example of India’s demographic dividend

RBI report says the ratio of remittances to GDP in India has gradually increased from 2.8 per cent in 2000 to 3.2 per cent in 2023 and is now above that of gross FDI inflows to GDP ratio, which was 1.9 per cent in 2023

Are our remittances and services exports peaking off?

Now CAD at 1.1 percent of GDP is not worrisome at all. But what is troubling is the reason why the deficit has gone up – a fall in services exports! This unexpected fall raises questions about the future growth of India’s services exports and the plentiful jobs this sector has been creating.

Remittances hit 4-quarter low in April-June, but no issues seen in CAD financing

According to data released on September 28 by the Reserve Bank of India, India's Current Account Deficit surged to $9.2 billion in the first quarter of 2023-24

RBI allows remittances under LRS for paying fees to foreign institutions in IFSCs

Currently, remittances to IFSCs under liberalised remittance scheme (LRS) can be made only for making investments in securities.

India top recipient of money from overseas in 2022 with $100 billion

In 2022, India hit a record $100 billion in remittances, marking a 12% rise year on year.

MC Explains: Who stands to benefit from India's UPI and Singapore's PayNow linkage

The biggest gainers from this will be migrant workers, students, travelers, and businesses, especially the small and medium enterprises trading from Singapore.

Remittances from overseas Indians increased by 12% to USD 100 billion in 2022: FM Sitharaman

Finance Minister Nirmala Sitharaman said the Indian diaspora should also partner with small and big businessmen of the country so that the entrepreneurial skills of NRIs can be harnessed in the next 25 years during the 'Amrit Kaal' of independence.

World-topping $100 billion in remittances head to India in 2022

Highly-skilled Indian migrants living in wealthy nations such as the US, UK, and Singapore were sending more money home, according to a World Bank report

How remittances have shaped the socio-economic landscape of Kerala

Dwindling remittances will have dire consequences for the Kerala economy 

India received $87 billion in remittances in 2021

India is followed by China, Mexico, the Philippines, and Egypt, the report said. In India, remittances are projected to grow three per cent in 2022 to USD 89.6 billion, reflecting a drop in overall migrant stock, as a large proportion of returnees from the Arab countries await return, it said.

Fino Payments Bank IPO – Should investors bet on this pricey but unique business?

Fino is a specialised bank that provides services in a cost effective way with the help of technology

India received $83 billion in remittances in 2020: World Bank report

China, which received USD59.5 billion in remittances in 2020 against USD68.3 billion the previous year, is a distant second in terms of global remittances for the year gone by, as per the latest World Bank data released on Wednesday.

PayPal to shut gateway and aggregator services in India, focus on cross-border business: Report

The California-based digital payments company will undertake a restructuring exercise and from February 6, Indian merchant partners will be notified about plans to terminate contracts by April 1.

Kuwait’s expat quota bill a big blow to Kerala’s remittances

Depending on when the expats are asked to leave the country, Kerala’s remittances economy could see a shrinkage of up to $4 billion — about 25 percent of its total inward remittances

International, domestic remittance channels see slump as migrant workers return home

While domestic remittance is down by 80 percent, international corridors, which had seen a fall during March and April, are seeing some signs of revival in May.

COVID-19 | Inward remittances and the upcoming crisis

The large scale return of NRIs from the ‘Gulf’ will present an unprecedented unemployment crisis. This will be coupled with a sharp decline in remittances to India

BIG STORY | What the fall in NRI remittances means for India

In this episode of Big Story, Moneycontrol's Sakshi Batra tells us why NRI remittances are falling and its implications for India