'Remittance forms a bigger market in India than FII'

PATNA: Remittances by way of earnings sent from abroad form a bigger market of over USD 70 billion in India than Foreign Institutional Investment ( FII), an official of Western Union Money Transfer has said.

The remittance market in India is progressing at an impressive rate of 10 to 12 per cent annually, Naved Ashraf, country head of Western Union Money Transfer told reporters here today.

India received USD 70 billion in remittances in year 2012. He said the institution has decided for wider use of IT in the fiscal 2013-14.

Out of a total 1.55 lakh post offices, small and big, across India, 86,000 has Western Union Money Transfer facility, he said.

Ashraf said the Western Union Money Transfer and post office partnership constitute the most successful PPP model in the country.