UAE top source of inward remittances in 2016-17: RBI

• UAE has emerged as the top source of inward remittances, while Kerala has received the maximum funds sent from abroad, according to the RBI’s survey of inward remittances for 2016-17.

• UAE’s share in total remittances was 26.9%, followed by the United States (22.9%), Saudi Arabia (11.6%), Qatar (6.5%) and Kuwait (5.5%).

• According to the survey, 82% of the total remittances received by India originated from eight countries.

• Among destinations, Kerala has the highest share with 19%, followed by Maharashtra, Karnataka, Tamil Nadu and Delhi.

• More than half of remittances received by Indian residents were used for family maintenance, i.e., consumption, followed by deposits in banks and investment in landed property and shares.

• The rupee drawing arrangement (RDA) is the most popular channel of remittances which accounts for 75.2% of remittances, followed by SWIFT, direct transfers and cheques and drafts.

• Private Banks got the lions to share in total remittances with 74.1%, while public sector banks share was 17.3% and the remaining with foreign banks.