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Remittances to India are money transfers (called remittance) from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India. India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015.
India also donated 40,000 tonnes of rice to Sierra Leone in June 2008 to meet urgent needs. India implemented the Pan-African e-Network project in Sierra Leone in 2010. [ 26 ] [ 25 ] In December 2014, India donated $12 million to the United Nations Ebola Response Fund and $50,000 to the World Health Organization to help fight the ebola virus ...
By 2021 there were 700 centres with plans to set up centres in foreign countries. [102] Some centres lack required facilities. [103] [104] Direct Benefit Transfer (DBT) — — 2013 Finance State level electronic benefit transfer and Direct Cash Transfer piloted before. [105] [106] [107] Under the Cabinet Secretariat and Ministry of Finance. [108]
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After return of the cash, the growth in digital payment had been modest. [86] [92] The currency-to-GDP ratio was 12.1% in 2015–16. It declined to 8.8% in 2016–17 due to demonetisation but increased again to 10.9% in 2017–18. [84] The currency-to-GDP ratio was only marginally lower compared to levels before demonetisation. [86]
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The National Financial Switch was launched by the IDRBT on 27 August 2004, connecting the ATMs of three banks, Corporation Bank, Bank of Baroda and ICICI Bank. [3] [4] [5] The IDRBT then worked towards bringing all major banks in India on board and by December 2009, the network had grown to connect 49,880 ATMs of 37 banks, thereby emerging as the largest network of shared ATMs in the country.
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