Remittances to rise 40% this year in Kerala

28 Nov 2012
Chennai

Remittances into Kerala is expected to rise by 40% to Rs 60,000 crore in 2012, as against Rs 50,000 crore in 2011.State Bank of Travancore has seen a Rs 500 crore rise in remittances every month during April-September 2012 when compared to the same period last year. “Last year (2011), we got around Rs 2,000 crore every month between April and-September. This has now increased to Rs 2,500 crore,” a senior official of the bank said.

A recent World Bank report said that India may receive $70 billion in remittance flows in 2012, followed by China at $66 billion. Total remittances of the bank during April-September 2012 stood at Rs 13,355 crore as against Rs 9,440 crore during April-September 2011.

While bulk of remittances is still meant for maintenance expenses for dependents back home, bankers state that overseas Keralaites are also investing in properties and in economic development in the region.

Source-http://timesofindia.indiatimes.com/business/india-business/Remittances-into-Kerala-to-rise-40-this-year/articleshow/17395824.cms

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