remittances: Hinterland remittances turn the corner


PayPoint processed domestic remittances worth Rs 450 crore in June, down by almost 40 per cent in April. It had processed domestic fund transfers of more than Rs 500 crore in March 2020.

Synopsis

India processes roughly Rs 12,000 crore to Rs 14,000 crore in monthly remittances internally. Remittance players said that with migrant labour returning to urban pockets of Maharashtra, the NCR, Gujarat and Karnataka, business is returning to normal.

Mumbai: Remittances from urban to rural pockets revived in June after a 40 per cent decline in April, pointing to an economy emerging from lockdown-induced hibernation, although business is still about a fifth lower than what it was before the pandemic struck India last spring.

India processes roughly Rs 12,000 crore to Rs 14,000 crore in monthly remittances internally. Remittance players said that with migrant labour returning to urban pockets

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