REVIEW SCALE OF CHARGES FOR NRI REMITTANCE : RBI

Several recommendations made by RBI on the issue of remittances by Non Resident Indians (NRIs) are as follows:

•  Review charges at both foreign and domestic ends and resort to latest technology for handling large volume of transactions
• Extend e-transfer facilities
• Cap on brance numbers may be reviewed
• NRIs remittances through Indian bank or a foreign bank having a branch in India
• Indian Banks should explore tie-ups with more correspondent banks which would bring down the cost for the NRIs at the foreign centers.