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Remittances via payment vehicles plunge as KYC norms get tougher

Intra-country remittances have decreased by nearly 25-30% in November and December. This follows new RBI guidelines that require banks to keep detailed records of recipients. Payment firms are struggling with the changes. The domestic remittances industry is expected to stabilize in another quarter. Delhi, Mumbai, Indore, Rajasthan, and Gujarat are major sources of remittances.

Remittances via payment vehicles plunge as KYC norms get tougher

Source: economictimes.indiatimes.com

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