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Cross-border remittances: RBI pitches for reducing cost, time
Millennium Post Delhi
|October 15, 2024
According to World Migration Report 2024 released by the IOM, India's remittances surged to $111 billion last year, surpassing all other nations
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NEW DELHI: Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday made a case for reducing time and cost of overseas remittances, which are important for developing economies including India.
According to the World Migration Report 2024 released by the International Organisation for Migration (IOM), India's remittances surged to $111 billion last year, surpassing all other nations.
As per the Bank of England projection, the value of global cross-border payments is estimated to surpass $250 trillion by 2027.
The significant volume of crossborder worker remittances, the growing size of gross flows of capital, and the increasing importance of cross-border ecommerce have acted as catalysts to this growth, he noted.
Cette histoire est tirée de l'édition October 15, 2024 de Millennium Post Delhi.
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