In early January 2012, the World Bank released a detailed study of remittances to India titled Remittance Market in India : Opportunities, challenges, and policy options. The report contains the latest figures and statistics about money transfer to India. The report provides an in-depth analysis of the remittances market in India and recommends various policy changes.
The full report on Remittances to India 2011 can be downloaded at the link below :
Remittance Market in India 2012 : World Bank Report
Download at the link below :
Millions of migrants worldwide send billions of dollars in remittances each year to their families or communities of origin. In many developing countries, remittances are an important source of family and national income and also are the largest source of external financing. Remittances are better targeted at the needs of the poor than foreign aid or foreign direct investment (FDI), as recipients often depend on remittances to cover daily living expenses, to provide a cushion against emergencies, or to make small investments in business or education. Therefore, remittance services should be safe, efficient, and reliable. This can be achieved by increasing competition, enhancing access to payment system infrastructure, improving transparency, and ensuring a sound and predictable legal and regulatory framework.
With an estimated US$49 billion in remittance inflows in 2009, India is the world’s foremost remittance destination. The size and potential impact of these inflows is large. Despite substantial progress over the past 15 years, the provision of accessible, efficient, safe, and cost-effective remittance services in India could be improved. This report undertakes a broad, detailed diagnostic of the Indian remittance market and analyze its characteristics based on the General Principles for International Remittance Services (GPs). It identifies some of the key actions and public policy measures (especially in the areas of consumer protection, transparency, retail payments, competition, and risk management) for the improvement and future development of this market that would make it more contestable, transparent, accessible, and sound.