TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    AI Breakthrough Offers New Hope in Predicting and Managing Type 1 Diabetes

    AI Breakthrough Offers New Hope in Predicting and Managing Type 1 Diabetes

    Congress leader Rahul Gandhi

    Rahul Gandhi’s Maharashtra Rigging Claim: Fresh Allegations, Familiar Distrust of Institutions

    India Lifts 269 Million Out of Extreme Poverty in 11 Years: World Bank

    India Lifts 269 Million Out of Extreme Poverty in 11 Years: World Bank

    Union Minister Jyotiraditya Scindia

    PM Modi’s ‘Panch Pran’ Inspired by Shivaji Maharaj’s Vision of Hindavi Swaraj: Jyotiraditya Scindia

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%

    Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%

    India Lifts 269 Million Out of Extreme Poverty in 11 Years: World Bank

    India Lifts 269 Million Out of Extreme Poverty in 11 Years: World Bank

    Reserve Bank of India Governor Sanjay Malhotra addresses the post-Monetary Policy press conference in Mumbai.

    RBI Slashes Repo Rate by 50 Basis Points to Boost Growth; Middle Class May Receive Loan Relief

    Dassault and Tata to Begin Rafale Fuselage Production in India

    Dassault and Tata to Begin Rafale Fuselage Production in India, Marking Major Milestone in Defence Manufacturing

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Dassault and Tata to Begin Rafale Fuselage Production in India

    Dassault and Tata to Begin Rafale Fuselage Production in India, Marking Major Milestone in Defence Manufacturing

    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    New Delhi: Indian Army Brahmos Missile System during a rehearsal for Republic Day Parade, in New Delhi on Friday, January 20, 2023. (Photo: Anupam Gautam/IANS)

    India’s Defence Manufacturing Set to Reach ₹8.8 Lakh Crore by 2047: CII-KPMG Report

    Top Naxal Leader Hidma Nabbed in Odisha in Coordinated Security Sweep

    Top Naxal Leader Hidma Nabbed in Odisha in Coordinated Security Sweep

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    PM Modi’s G7 Canada Invitation: What It Signifies

    PM Modi’s G7 Canada Invitation: What It Signifies — And How the Congress Spoke Too Soon

    Pakistan’s Imminent Threat to Gulf Monarchies

    Pakistan’s Imminent Threat to Gulf Monarchies

    Gaza Aid Group Denies Hamas Claims of Israeli Attack at Rafah Distribution Center

    Gaza Aid Group Denies Hamas Claims of Israeli Attack at Rafah Distribution Center

    Colombia Withdraws Statement Condoling Terrorists Killed in 'Operation Sindoor'

    Colombia Withdraws Statement Condoling Terrorists Killed in ‘Operation Sindoor’

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    Ram Mandir Pran Pratishtha 2.0

    Thousands Gather in Ayodhya for Ram Darbar Pran Pratishtha Ceremony

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    In December 2024, D. Gukesh Dommaraju, then just 18, became the youngest undisputed World Chess Champion

    The Gukesh Effect: How a Teen Grandmaster Is Reshaping Indian Chess and Reclaiming Its Ancient Legacy

    Critical Dimensions for Evaluating Procurement Software Providers

    Critical Dimensions for Evaluating Procurement Software Providers

    The Economic Impact of iGaming on Creating New Jobs and innovations

    The Economic Impact of iGaming on Creating New Jobs and innovations

    AI Personalization Transforming Player Experiences

    AI Personalization Transforming Player Experiences

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    AI Breakthrough Offers New Hope in Predicting and Managing Type 1 Diabetes

    AI Breakthrough Offers New Hope in Predicting and Managing Type 1 Diabetes

    Congress leader Rahul Gandhi

    Rahul Gandhi’s Maharashtra Rigging Claim: Fresh Allegations, Familiar Distrust of Institutions

    India Lifts 269 Million Out of Extreme Poverty in 11 Years: World Bank

    India Lifts 269 Million Out of Extreme Poverty in 11 Years: World Bank

    Union Minister Jyotiraditya Scindia

    PM Modi’s ‘Panch Pran’ Inspired by Shivaji Maharaj’s Vision of Hindavi Swaraj: Jyotiraditya Scindia

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%

    Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%

    India Lifts 269 Million Out of Extreme Poverty in 11 Years: World Bank

    India Lifts 269 Million Out of Extreme Poverty in 11 Years: World Bank

    Reserve Bank of India Governor Sanjay Malhotra addresses the post-Monetary Policy press conference in Mumbai.

    RBI Slashes Repo Rate by 50 Basis Points to Boost Growth; Middle Class May Receive Loan Relief

    Dassault and Tata to Begin Rafale Fuselage Production in India

    Dassault and Tata to Begin Rafale Fuselage Production in India, Marking Major Milestone in Defence Manufacturing

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Dassault and Tata to Begin Rafale Fuselage Production in India

    Dassault and Tata to Begin Rafale Fuselage Production in India, Marking Major Milestone in Defence Manufacturing

    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    Mock Drills Under ‘Operation Shield’ Scheduled Today in Border States and UTs

    New Delhi: Indian Army Brahmos Missile System during a rehearsal for Republic Day Parade, in New Delhi on Friday, January 20, 2023. (Photo: Anupam Gautam/IANS)

    India’s Defence Manufacturing Set to Reach ₹8.8 Lakh Crore by 2047: CII-KPMG Report

    Top Naxal Leader Hidma Nabbed in Odisha in Coordinated Security Sweep

    Top Naxal Leader Hidma Nabbed in Odisha in Coordinated Security Sweep

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    PM Modi’s G7 Canada Invitation: What It Signifies

    PM Modi’s G7 Canada Invitation: What It Signifies — And How the Congress Spoke Too Soon

    Pakistan’s Imminent Threat to Gulf Monarchies

    Pakistan’s Imminent Threat to Gulf Monarchies

    Gaza Aid Group Denies Hamas Claims of Israeli Attack at Rafah Distribution Center

    Gaza Aid Group Denies Hamas Claims of Israeli Attack at Rafah Distribution Center

    Colombia Withdraws Statement Condoling Terrorists Killed in 'Operation Sindoor'

    Colombia Withdraws Statement Condoling Terrorists Killed in ‘Operation Sindoor’

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    Ram Mandir Pran Pratishtha 2.0

    Thousands Gather in Ayodhya for Ram Darbar Pran Pratishtha Ceremony

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    How to Decide Between Amity and Manipal for Your Online MBA Journey

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Mughals, Delhi Sultans Out, Fresh Chapters on Indian Rulers, Mahakumbh Introduced: NCERT revises Class 7 books

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    Role of Consultants to Study in Ireland: How to Choose the Right One?

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    In December 2024, D. Gukesh Dommaraju, then just 18, became the youngest undisputed World Chess Champion

    The Gukesh Effect: How a Teen Grandmaster Is Reshaping Indian Chess and Reclaiming Its Ancient Legacy

    Critical Dimensions for Evaluating Procurement Software Providers

    Critical Dimensions for Evaluating Procurement Software Providers

    The Economic Impact of iGaming on Creating New Jobs and innovations

    The Economic Impact of iGaming on Creating New Jobs and innovations

    AI Personalization Transforming Player Experiences

    AI Personalization Transforming Player Experiences

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

Number one remittance receiving country gets a UPI boost

Abhishek Kumar Singh by Abhishek Kumar Singh
22 January 2023
in Economy
Number one remittance receiving country gets a UPI boost
Share on FacebookShare on X

If there is one success story under the Modi government which is conceivable for both the general public and intelligentsia, then it is UPI. It has single-handedly driven the success of India’s fintech story. Now, it is going to have its impact on remittances coming to India.

UPI for NRI

National Payments Corporation of India (NPCI) has given its assent to UPI for Non-resident Indians (NRIs). Now, it will be possible for people of Indian origin to send their money in India through UPI. Accounts classified as Non Resident External (NRE) or Non Resident Ordinary (NRO) accounts will be using this facility. NRE is used to park foreign earnings in India while NRO is used to park Indian earnings in Indian banks.

RelatedPosts

Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%

RBI Slashes Repo Rate by 50 Basis Points to Boost Growth; Middle Class May Receive Loan Relief

Dassault and Tata to Begin Rafale Fuselage Production in India, Marking Major Milestone in Defence Manufacturing

Load More

Now, NRIs will connect their foreign phone numbers to their UPI connected bank accounts and use it to transfer money. Initially, the facility has been provided to NRIs operating from 10 countries namely United States, United Kingdom, Singapore, Canada, Australia, Oman, Qatar, UAE, Saudi Arabia and Hong Kong. The facility is expected to be rolled out in April. Till then, NPCI is checking compliances regarding anti-money laundering and combating of financing of terrorism.

PC: Moneycontrol   

Also read: Modi government puts its weight behind RuPay and UPI to bid farewell to Mastercard and Visa

NRIs and remittances

The move is mainly aimed towards increasing liquidity in the Indian economy. Currently, a large chunk of Indians is earning abroad and sending money to their family members. According to the Ministry of External Affairs, there are more than 3.2 crore overseas Indians. Unofficial numbers must be greater than that. The very fact that more than 3.2 crore choose to give information to the Indian government is testament to the fact that they have not ditched their country.

It is quite reflected in the remittance numbers too. Indians have been more prolific than any other countrymen to send their incomes back home. Between 1995 and 2022, India topped the remittance receiver chart for 23 years. The gap between India and the second biggest recipient of remittance, keeps growing. The World Bank said that in 2021, India received remittances worth $89.4 billion. IT was nearly 3 per cent of our GDP. Though official figures are not yet out, the number is set to touch well above $100 billion in 2022. With this India will become the first country to get to that mark.

PC: BS

Significance of UPI for remittances

But there is a problem with it. The problem is that it costs too much. For every $100 they send, their family members get only $93.5. Moreover, a substantive chunk of people who send their remittances are daily wage labourers in the Arab world. Their mediators end up eating a good pie of their foreign earnings. Between 2016 and 2021, 28 per cent of India’s remittance came from Saudi Arabia, UAE Kuwait, Oman, and Qatar. Though, it is almost half in percentage terms compared to previous years, it still calls for reformatory change in the transaction process.

One more reason the necessity for that change emerged is because America is quickly becoming the key source of remittances. RBI figures tell us that last year, 23.4 per cent of our remittances came from the USA. It is 30 per cent above that of second position UAE. Nearly 45 lakh overseas Indians are there in the USA. On an average Indian households earn 70 per cent more than the average American one.

Apart from the US and Gulf world, the UK and Singapore are other major contributors of remittances to India. In fact, USA, UAE, Singapore and the UK together account for 54 per cent of total remittances inflow to India. Government’s far-sightedness can be observed from the fact that all 4 countries are in the latest scheme. Rest 6 countries are also among top 12 sources of remittance for India.

  PC: moneycontrol                      

Allowing UPI will bring down the cost of transfer, resulting in an increase in total value of money. Apart from getting global recognition for UPI, the word of mouth will make it easy for further acceptance of Indian fintech products.

Support TFI:

Support us to strengthen the ‘Right’ ideology of cultural nationalism by purchasing the best quality garments from TFI-STORE.COM

Also Watch:

Tags: #USAIndiaNRIRBIRemittancesupi
ShareTweetSend
Previous Post

Decoding how 9 billion light years old Radio signal changes everything

Next Post

Jhandewalan Mandir Delhi, Timings, History, Travel Guide and How to reach

Related Posts

Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%
Economy

Crisil Forecasts Another Rate Cut in FY26, Pegs India’s GDP Growth at 6.5%

7 June 2025

The Reserve Bank of India (RBI) is expected to cut the repo rate one more time during the ongoing...

India Lifts 269 Million Out of Extreme Poverty in 11 Years: World Bank
Economy

India Lifts 269 Million Out of Extreme Poverty in 11 Years: World Bank

7 June 2025

India has witnessed a historic reduction in extreme poverty over the past decade, with 269 million people rising above...

Reserve Bank of India Governor Sanjay Malhotra addresses the post-Monetary Policy press conference in Mumbai.
Economy

RBI Slashes Repo Rate by 50 Basis Points to Boost Growth; Middle Class May Receive Loan Relief

6 June 2025

In a significant policy move aimed at revitalizing economic growth, Reserve Bank of India (RBI) Governor Sanjay Malhotra announced...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

Pakistan needs money from IMF to feed their people

Pakistan needs money from IMF to feed their people

00:15:20

Vacate PoK and more: Steps Pakistan needs to take to avoid Indian military action

00:06:36

Taking The Wire’s Propaganda Piece on VP to the Cleaners – Feat. Prof. Kapil Kumar

00:09:19

Rahul Gandhi Undermines India’s Electoral Integrity as Trump Applauds It

00:07:09

Why Pakistan army chief reminds two nation theory| what is the plan| Waqf Bill |Asim Munir| Jinnah

00:13:02
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap

©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited