Wednesday, 19 August 2009

INDIA: Kerala banks report healthy growth in remittances in FY09

Despite the financial meltdown and global recession, Kerala-based banks have posted healthy growth in inward remittances in financial year 2009.
Latest annual reports of Kerala-based banks noted that the depreciation of rupee against major currenc-ies as well as the global financial meltdown prompted NRIs to park their savings in India. There were 25.52 lakh remittances worth Rs 12,538 crore to India by NRIs through Federal Bank, in FY09 against 21.58 lakh remittances worth Rs 7,933 crore in the previous year.

At South Indian Bank (SIB), the total turnover of inward remittances thro-ugh exchange houses increased 69.31 per cent to Rs 2,827.82 crore in FY09 from Rs 1,318 crore during the corresponding period in the previous year.

South India Bank provides managerial support to Hadi Express Exchange, U-AE. Its volume of remitta-nce through this exchange increased to Rs 617.99 cr-ore in FY09, a 335 per cent jump from previous year. Read more

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