NRK remittances cross 1 lakh crore mark

State Level Bankers Committee data shows that NRI remittances have crossed the re. 1 lakh crore barrier – re.1.1 lakh cr in 2014-15, up 17% from previous fiscal. The spurt despite the uncertain job scenario in the Gulf region, which accounts for 88% of the 16.3 lakh Non-Resident Keralites {CDS puts this figure at 24 lakhs}. As per RBI data this is about 1/6th of the re.7 lakh cr in NRI deposits in India. The diaspora includes 78,000 in the US, 53,000 in Europe, nearly 10,000 in Canada and close to 7,000 in Africa. Malappuram district has 2.9 lakh money-order economy households, highest in the state. A state government survey reveals that remittances support at least 50 lakh people out of a population of 3.15 cr.

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