MUMBAI: With an increasing number of Indians living abroad, either for work or having settled there, foreign exchange remittances into the country is likely to increase, market players say.

India receives the largest amount of remittances in the world, ?getting over 10% of the $230 billion global market, according to World Bank numbers,? says Manish Misra, ICICI Bank?s head of global remittance. He expects the business to grow 15-20% annually in the next 4-5 years.

?It is inevitable that, with the need for overseas workers, India will remain a big market for the remittance business,? Misra says. The bank?s remittance service, Money2India, has a 22% market share in the Indian business.

Continue reading "Banks Bet on Booming Remittance Market in India"