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Muthoot Finance Ltd, a gold loan company which is also into money transfer business, sees inward remittances from non-resident Indians rising, indicating increased employment and education opportunities for Indians overseas.
Revival in growth
“There was a drastic fall in inward remittances in 2010 due to the global economic slowdown. Today, we are seeing a 10-13 per cent growth,” R. Venkateswaran, Zonal Manager, told newspersons here on Wednesday.
Muthoot has a tie-up with all the seven companies that are involved in money transfers, including Western Union and MoneyGram which dominate the market with nearly 80 per cent share.
“Last year, we did two million money transfers and this year we are aiming at doubling it. We expect our recent tie up with Western Union and aggressive marketing efforts will help us achieve this target,” he said.
Good potential
Currently, six lakh Indians, including students, are leaving the country every year in search of better job opportunities and for higher studies.
The Indian money transfer market has significant potential, with an estimated 27 million Indian diaspora, Venkateswaran said.
The company delivers the remittances through its network of over 4,000 branches across India, with 65 per cent being in the South.
It is offering assured gift schemes to its money transfer customers for the whole of November, as part of its new marketing campaign.
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