Reserve Bank Governor Shaktikanta Das on Monday made a case for reducing time and cost of overseas remittances, which are important for developing economies including India.
According to the World Migration Report 2024 released by the International Organisation for Migration (IOM), India's remittances surged to USD 111 billion last year, surpassing all other nations.
The significant volume of crossborder worker remittances, the growing size of gross flows of capital, and the increasing importance of cross-border ecommerce have acted as catalysts to this growth, he noted.
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