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Domestic Remittance: Money Transfer Anywhere and at Anytime in India

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Driving the Economy through Innovation and Entrepreneurship

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Abstract

Domestic migrant workers are able to remit savings back home via National Electronic Funds Transfer through an integrated platform of collaborative services of YES Bank and banking correspondents. All the parties symbiotically benefit from this relationship leading to convenience for migrant workers where they avail this service 24 h a day without complete KYC at very low service charges even for small-sized transactions. Simultaneously banking correspondents earn an income and generate footfalls, whereas the bank gains brand visibility and a modest fee. This setup saves man hours and breaks even in a very small time span.

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Notes

  1. 1.

    All currencies are in Indian rupees. 1 lakh is 100,000; 1crore is 10,000,000.

References

  • Maimbo SM, Ratha D (2005) Workers’ remittances: an important and stable source of external development finance. In: Ratha D (ed) Remittances development impact and future prospects. The international bank for reconstruction and development/the World Bank Library of Congress cataloging-in-publication data, Washington, DC, p 41

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  • Thorat YSP, Jones H (2011) Remittance needs and opportunities in India (synthesis report). Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and National Bank for Agriculture and Rural Development, New Delhi

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  • Tumbe C (2011) Remittances in India: facts and issues. Working paper no. 331, Indian Institute of Management, Bangalore

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Author information

Authors and Affiliations

  1. YES Bank, Nehru Centre, Worli, Mumbai, India

    Deepak Venkatesh & Anand Kumar Bajaj

Authors
  1. Deepak Venkatesh
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  2. Anand Kumar Bajaj
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Corresponding author

Correspondence to Anand Kumar Bajaj .

Editor information

Editors and Affiliations

  1. , Department of Management Studies, Indian Institute of Science, Bangalore, 560 012, Karnataka, India

    Chiranjit Mukhopadhyay

  2. , Department of Management Studies, Indian Institute of Science, Gulmohar Marg, Mathikere, Bangalore, 560012, Karnataka, India

    K B Akhilesh

  3. , Department of Management Studies, Indian Institute of Science, Gulmohar Marg, Near-Centre For Neroscience,Mathikere, Bangalore, 560012, Karnataka, India

    R. Srinivasan

  4. , Department of Management Studies, Indian Institute of Science, Gulmohar Marg, Near-Centre For Neroscience,Mathikere, Bangalore, 560012, Karnataka, India

    Anjula Gurtoo

  5. , Department of Management Studies, Indian Institute of Science, Gulmohar Marg, Mathikere,, Bangalore, 560012, Karnataka, India

    Parthasarathy Ramachandran

  6. , Department of Management Studies, Indian Institute of Science, Gulmohar Marg, Mathikere, Bangalore, 560012, Karnataka, India

    Parameshwar P Iyer

  7. , Department of Management Studies, Indian Institute of Science, Gulmohar Marg, Mathikere, Bangalore, 560012, Karnataka, India

    M Mathirajan

  8. , Department of Management Studies, Indian Institute of Science, Gulmohar Marg, Mathikere, Bangalore, 560012, Karnataka, India

    M H Bala Subrahmanya

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© 2013 Springer India

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Venkatesh, D., Bajaj, A.K. (2013). Domestic Remittance: Money Transfer Anywhere and at Anytime in India. In: Mukhopadhyay, C., et al. Driving the Economy through Innovation and Entrepreneurship. Springer, India. https://doi.org/10.1007/978-81-322-0746-7_63

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