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Economic Times
2 days ago
- Business
- Economic Times
Diaspora remittances hit new record at $135.46 bn in FY25
The Indian diaspora sent home $135.46 billion in the last fiscal year, the highest on record. According to latest balance of payments data released by the Reserve Bank of India, gross inward remittances by overseas Indians, as reflected in 'private transfers', were 14% higher from the previous year. India has been the biggest recipient of diaspora remittances for more than a decade now. The inflows have more than doubled in eight years — from $61 billion in 2016-17. RBI data show that remittances accounted for over 10 % of the gross current account inflows of $1 trillion during the fiscal year ended March 31. 'The strong growth in remittances has persisted despite weakness in crude oil prices,' said Gaura Sengupta, chief economist at IDFC First Bank. 'This is a result of rising share of the skilled labour force migrating to developed markets such as the US, UK and Singapore. As per RBI data, these three countries account for a 45% share in total remittances,' she said, adding: 'Meanwhile, the share of GCC countries has been reducing.' Oil prices often influence remittances from countries of the Gulf Cooperation Council (GCC). Moreover, India continues to remain one of the low-cost countries for sending US$200, an RBI research paper other major sources of current account inflows are software services income and business services income, each crossing $100 billion last fiscal year. Together the three (remittances, software and business services) accounted for more than 405 of the gross current account inflows.'India's remittance receipts have generally remained higher than India's gross inward foreign direct investment (FDI) flows, thus establishing their importance as a stable source of external financing,' noted a report by RBI staff on a survey of remittances. Besides, they are a major source of funding for India's trade deficit. In FY25, gross inward remittances were nearly half (47%) of the country's merchandise trade deficit of $287 has been the largest recipient of inward remittances, according to World Bank data. In 2024, Mexico was at a distant second position with inflows estimated at $68 billion. China was third at an estimated $48 inward remittances represent the flow of cross-border household income, arising from the temporary or permanent movement of people to foreign economies. Moreover, as defined by the International Monetary Fund in 2009, two items in an economy's balance of payments statistics relate to remittances — compensation of employees under primary income account and personal transfers under secondary income account. In the case of India, personal transfers, primarily comprising inward remittances for family maintenance from Indian workers residing abroad, and local withdrawals from non-resident deposit accounts, form the major portion of cross-border inward remittances, noted a paper published in RBI's March 2025 monthly bulletin.


Time of India
2 days ago
- Business
- Time of India
Diaspora remittances hit new record at $135.46 bn in FY25
The Indian diaspora sent home $135.46 billion in the last fiscal year, the highest on record. According to latest balance of payments data released by the Reserve Bank of India, gross inward remittances by overseas Indians, as reflected in 'private transfers', were 14% higher from the previous year. India has been the biggest recipient of diaspora remittances for more than a decade now. The inflows have more than doubled in eight years — from $61 billion in 2016-17. RBI data show that remittances accounted for over 10 % of the gross current account inflows of $1 trillion during the fiscal year ended March 31. 'The strong growth in remittances has persisted despite weakness in crude oil prices,' said Gaura Sengupta, chief economist at IDFC First Bank . 'This is a result of rising share of the skilled labour force migrating to developed markets such as the US, UK and Singapore. As per RBI data, these three countries account for a 45% share in total remittances,' she said, adding: 'Meanwhile, the share of GCC countries has been reducing.' Oil prices often influence remittances from countries of the Gulf Cooperation Council (GCC). Moreover, India continues to remain one of the low-cost countries for sending US$200, an RBI research paper said. The other major sources of current account inflows are software services income and business services income, each crossing $100 billion last fiscal year. Together the three (remittances, software and business services) accounted for more than 405 of the gross current account inflows. 'India's remittance receipts have generally remained higher than India's gross inward foreign direct investment (FDI) flows, thus establishing their importance as a stable source of external financing,' noted a report by RBI staff on a survey of remittances. Besides, they are a major source of funding for India's trade deficit. In FY25, gross inward remittances were nearly half (47%) of the country's merchandise trade deficit of $287 billion. India has been the largest recipient of inward remittances, according to World Bank data. In 2024, Mexico was at a distant second position with inflows estimated at $68 billion. China was third at an estimated $48 billion. Globally, inward remittances represent the flow of cross-border household income, arising from the temporary or permanent movement of people to foreign economies. Moreover, as defined by the International Monetary Fund in 2009, two items in an economy's balance of payments statistics relate to remittances — compensation of employees under primary income account and personal transfers under secondary income account. In the case of India, personal transfers, primarily comprising inward remittances for family maintenance from Indian workers residing abroad, and local withdrawals from non-resident deposit accounts, form the major portion of cross-border inward remittances, noted a paper published in RBI's March 2025 monthly bulletin.


News18
6 days ago
- Business
- News18
Use UPI With International SIMs Cards From These 12 Countries For Free Of Cost; Know How
Last Updated: NRI customers of this Bank can now make UPI payments in India using their international mobile numbers; Here's how UPI Transactions From International Numbers: Non-Resident Indian (NRI) customers of IDFC First Bank can now make UPI payments in India using their international mobile numbers, without any additional charges. This new feature is available to all NRE and NRO account holders from 12 countries: Australia, Canada, France, Hong Kong, Malaysia, Oman, Qatar, Saudi Arabia, Singapore, the United Arab Emirates (UAE), the United Kingdom, and the United States of America (USA). UPI on International Numbers—No Indian SIM Required According to a press release dated June 25, 2025, IDFC First Bank announced that its NRI customers can link their NRE or NRO accounts to any UPI-enabled app, such as Google Pay, PhonePe, Paytm, and others, using their international mobile numbers. For example, an IDFC First Bank customer living in Dubai with an Etisalat or Du SIM can now make UPI payments in India directly through Google Pay, provided they hold an NRE or NRO account with the bank. Key Features of the New UPI Facility The new service is designed to help NRIs manage their India-based finances with greater ease and security. Here are the highlights: The feature supports INR-denominated transactions within India and ensures that NRIs are not charged any foreign exchange fees while transacting from abroad. How to Set Up UPI with International Number (IDFC First Bank App) Step 3: Create a UPI ID and begin making payments Ashish Singh, Head of Retail Liabilities at IDFC First Bank, said: 'Our vision has always been to simplify and enhance banking, making it accessible no matter where our customers are located. The launch of UPI services on international mobile numbers is a testament to our commitment to innovation and catering to the unique needs of the NRI diaspora." This latest feature strengthens IDFC First Bank's offerings for overseas Indians, enabling seamless digital transactions without the need for an Indian mobile number. First Published:


Business Recorder
23-06-2025
- Business
- Business Recorder
India bonds end off lows as oil gives up most gains
MUMBAI: Indian government bonds came off lows to end little changed on Monday as oil prices gave up gains that were triggered by the U.S. attack on Iran's nuclear facilities over the weekend. The yield on the benchmark 10-year bond ended at 6.3053%, compared with its previous close of 6.3087%. The most liquid 6.79% 2034 bond yield ended at 6.3767%, compared with 6.3795% previous close. Yields move inversely to bond prices. 'Markets are jittery, expecting the worst, though the economy looks fairly firmly placed as of now. We need to wait and see how things progress,' Madan Sabnavis, chief economist at Bank of Baroda, said. Iran said that the U.S. attack on its nuclear sites expanded the range of legitimate targets for its armed forces and called Trump a 'gambler' for joining Israel's military campaign against the Islamic Republic. Brent crude oil futures were around $77 per barrel in Asian hours, after hitting a five-month high of $81.40 earlier in the day. Indian bond yields end a tad higher on week amid worries over oil surge Oil is a major component of India's import bill and surging prices prove to be inflationary. Earlier this month, the Reserve Bank of India reduced its inflation forecast to 3.7% and cut its key lending rate by a steeper-than-expected 50 basis points to assure stakeholders about focus on economic growth and aid in faster transmission, according to the policy minutes. IDFC First Bank expects India's central bank to stay on hold in August and October and cut rates by 25 basis points in December. Rates Indian overnight index swap (OIS) rates ended flat, in line with government bonds. The one-year OIS rate ended at 5.52%, while the two-year OIS rate settled at 5.53%. The most liquid five-year OIS rate was at 5.75%.


Business Standard
10-06-2025
- Business
- Business Standard
IDFC First Bank allots 25.16 lakh equity shares under ESOP
IDFC First Bank has allotted 25,16,455 equity shares under ESOP on 10 June 2025. Post allotment, the issued and paid-up equity share capital of the Bank stands increased from Rs 73,30,59,33,880/- comprising of 7,33,05,93,388 equity shares of Rs 10/- each fully paid-up to Rs 73,33,10,98,430/- comprising of 7,33,31,09,843 equity shares of Rs 10/- each fully paid-up. Powered by Capital Market - Live News