40% rise in Remittances expected in the state of Kerala

With India expected to hold on to it No. 1 remittance receiving country tag with expected $70 billion in remittance flows according to a recent World Bank report. The southern state of Kerala is expected to rise by 40% to Rs 60,000 crore in 2012, as against Rs 50,000 crore in 2011.

“This shows that slowdown and other crises are no limits when it comes to sending money back home,” S Irudaya Rajan, chair professor, research unit on international migration, Ministry of Overseas Indian Affairs said.

Recent policy measures by the Reserve Bank of India have also given a fillip to the remittance business. After the interest rates on NSE and NRO accounts were deregulated last year, banks looked to shore up low cost deposits through this route, by increasing rates which were controlled. NRE saving deposits mirror domestic saving rates at 4% while interest on NRE term deposits range from 8.5% to 9%.

2 Responses to 402 rise in Remittances expected in the state of Kerala

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