Dubai crisis: RBI predicts impact on remittance

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Mumbai, Dec 3: Reserve Bank of India has said that the impact of Dubai financial crisis on remittances cannot be ruled out as some part of the country are hugely dependent of Gulf nations for remission.

Stating that is too early to come to any conclusion, RBI Deputy Governor Usha Thorat said that crisis has certainly affected those parts of the country where dependency on Dubai for cash inflow is high.

“We have to see how far this Dubai financial crisis spreads", she said, adding that crisis will not have a major impact on India's banking sector.

Most of the southern states are largely dependent on Dubai, with Kerala being the largest recipient of remittances.

OneIndia News

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