The Remittance Market in India : Opportunities, Challenges, and Policy Options
In chapter one, this report maps the patterns and characteristics of migration flows from India; in chapter two, it provides a detailed discussion of remittance flows to India in terms of their importance, sources, uses, trends, costs, and links to...
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| Format: | Publication |
| Language: | English |
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World Bank
2012
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| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20120108235200 http://hdl.handle.net/10986/2228 |
| Summary: | In chapter one, this report maps the
patterns and characteristics of migration flows from India;
in chapter two, it provides a detailed discussion of
remittance flows to India in terms of their importance,
sources, uses, trends, costs, and links to financial access.
In chapter three, the report describes the remittance market
(the players, the regulatory framework, as well as the
existing operational schemes), setting the stage for chapter
four, which presents a diagnostic of the remittance market
based on the General Principles for International Remittance
Services (GPs). The diagnostic covers the legal and
regulatory framework, payment system infrastructure, market
transparency and level of consumer protection, market
structure, level of competition among remittance service
providers, as well as market governance. It analyzes the
existing situation in India and provides detailed
recommendations (including lessons learned from
international best practices) that are aimed at increasing
competition in the remittance industry, providing broader
access to payment system infrastructure, enhancing
transparency, and ensuring a sound and predictable legal and
regulatory framework. Several of the actions could set a
basis for leveraging remittances to achieve other important
public policy goals such as broadening financial access,
expanding financial inclusion, and both strengthening and
deepening the financial sector. The report was prepared
through (a) background research (data research and mining,
literature review, collection of relevant material and
information, and background research), (b) a field visit in
2009 (a team of experts visited India and conducted
interviews and focus groups with all relevant stakeholders
and major institutions active in the remittance market), and
(c) surveys of both the authorities and the market players. |
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