Riding on the encouraging growth of the remittance business in India, UAE Exchange is targeting a growth of 10 per cent this year.
The three month data in the current year already showed a 6-8 per cent growth and last year, the company had carried out remittance transactions to India alone to the tune of $6.9 billion out of the total $69 billion.
The regulatory changes brought in by the Reserve Bank of India, weakening of the rupee, the company’s brand expansion were the factors that helped to garner a comfortable business in remittances, Promoth Manghat, Vice President – Global Operations, UAE Exchange, said.
In an interaction with Business Line , he also attributed the technological innovations introduced by banks for hassle-free transactions for customers for securing a comfortable business. Besides reducing the remittance cost of customers, these technical advancements in money transfer also helped the banks to cash in on from the remittance business, he said.
He pointed out that the bank transfers have increased from 82 per cent in 2008 to 85 per cent in 2012 while the instant cash transfers have declined from 18 per cent to 15 per cent for the same period. Five years back, it was 70:30 per cent.
The global remittance inflow to Kerala was $11,320 million in 2012 and UAE Exchange helped remit $2,295 million globally to Kerala. However, the remittance to Kerala from the GCC market was $ 2,020 million in 2012, he said.