India receives $100b in remittances

Inayat-ur-Rahman, Business Editor

India has received $100 billion in remittances in 2022, accounting for 3 per cent of the country’s Gross Domestic Product (GDP) growth. This was revealed by  Shyam Srinivasan, Managing Director & CEO of Federal Bank, one of the largest a private sector banks based in Kerala, India, during an exclusive interview with Gulf Today.

Quoting a World Bank report, he said a large share of India’s remittances, some 30 per cent, is into to Kerala, and out of that almost 60% from the Middle East. Federal Bank has a large share of that, he said. “We enjoyed 20-21 per cent share of the Non Resident remittances coming to India. And out that 21% that comes to India, almost 80% is from Middle East to Kerala,” Shyam said  addressing a press conference in Dubai to celebrate an event to mark 15 years operations in the UAE.

The bank is also expanding its branch network.. “When many banks are reducing branches, we are adding branches. In Financial year 2023 we have added 75 branches, and in FY 2024-25 we will add 100 each.

He visited UAE to take part in the celebrations, meet their customers, employees and partners and reflect on the past and plan for the future. In the Bank’s effort to expand further globally and strengthen its franchise in the Middle Eastern, Shyam also called on Sheikh Nahyan Bin Mubarak Al Nahyan,  UAE’s Minister of State for Tolerance, and expressed the bank’s interest in expanding operations in the UAE.

“We will always be happy to get a banking capability to serve our customers here.  We will be most happy if regulations permit us to do that,” he said.

“Over the past 15 years, the Bank has achieved numerous milestones and has played a significant role in the development and growth of the UAE. “  Shyam added.