Remittances by overseas Indians fall by 2.9%, first decline since 2009

For the first time since 2009, remittances by the overseas Indians slowed down bringing worries to external advisers of Reserve Bank of India (RBI) governor Raghuram Rajan abou the monetary policy impact.

Zee Media Bureau

New Delhi: For the first time since 2009, remittances by the overseas Indians slowed down bringing worries to external advisers of Reserve Bank of India (RBI) governor Raghuram Rajan about the monetary policy impact.

The remittances fell by 2.1 percent in 2015 to $68.9 billion as per a World Bank release earlier this week.

"This marks the first decline in remittances since 2009," it said.

However, India's doesn't rely too much on these funds to meet its foreign exchange requirements.