| Abstract |
This paper looks into the reforms that the remittance system of the country needs in order to boost financial inclusion and bring in inclusive growth. Leveraging on an effective interoperable electronic remittance arrangement already in existence, a cost saving and efficient system is envisaged. With a view to expedite migration of remittance services from existing setup to alternate electronic modes, this study looks into some prudent measures that are expected to facilitate overall transition from specific bank banking to anywhere any bank banking. We highlight that there is a scope for rationalization of overall costs/pricing in the remittance system keeping broader objectives of acceptance and financial inclusion in mind. While pricing is based more on well laid out fundamental principles, RBI should carry out a focused review of the bottlenecks in the country‟s remittance system and advocate appropriate directions. Some recommendations are put forth keeping few bottlenecks in forefront. |
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