NRIs Taking Loans To Remit Money Back Home In India

Bangalore: NRIs are taking loans to remit money into India as the rupee continues to fall rapidly. Few are even borrowing money from their friends and relatives to make the most of gloomy Indian currency, reports Digbijay Mishra of Business Standard.

Apart from this, the situation is further fueled as banks in the UAE region are offering various lucrative personal loan schemes at an interest rate of 5-6 percent.

Remittance into India from foreign countries already witnessed a surge of over 25 percent in last two months, and it is expected to grow further as the weak domestic currency is hovering around 70 mark against the dollar.

India is one of the biggest recipients of global remittance of around $70 billion last year with more than 25 million Non Resident Indians scattered across the globe.

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