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BIZ-RBI-REMITTANCE-SURVEY


PTI Last Updated at 09 Aug 2018, 19:08 IST India

Kerala, Maharashtra, Karnataka and

Tamil Nadu together received close to 60 per cent of the

total remittances in the country in financial year 2016-17,

according to a RBI survey.

Of the total remittances into the country in 2016-17,

74.2 per cent was routed through private sector banks, while

the share of public sector banks stood at 17.3 per cent.

Foreign banks accounted for 8.5 per cent of the total

remittance, according to RBI's 'Inward Remittances Survey'.

"Kerala, Maharashtra, Karnataka and Tamil Nadu

together received 58.7 per cent of total remittances in

2016-17," it said.

The findings is based on the responses from 42 major

authorised dealers (ADs), accounting for 98.3 per cent of

total remittances in 2016-17.

Nearly 82 per cent of the total remittances received

by the country originated from eight countries - the United

Arab Emirates, the United States, Saudi Arabia, Qatar, Kuwait,

Oman, the United Kingdom and Malaysia.

In the reporting year, 70.3 per cent of all reported

transactions were of more than USD 500 and only 2.7 per cent

were of less than USD 200, the survey showed.

More than 50 per cent of remittances received by

Indian residents were used for family maintenance such as

consumption (59.2 per cent), followed by deposits in banks (20

per cent) and investments in landed property and shares (8.3

per cent).

The findings showed that the rupee drawing arrangement

(RDA) was the most popular channel of remittances, accounting

for 75.2 per cent of remittances, followed by SWIFT (19.5 per

cent), direct transfers (3.4 per cent) and cheques and drafts

(1.9 per cent).

RBI said cost to the remitter for sending remittances

through RDA is relatively low in the case of private /foreign

banks.

The cost of receiving remittances through the RDA

route is lowest in the case of public sector banks, the survey

showed.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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