Remittances business is recession proof: Kiran Shetty

Written by PTI | Kochi | Updated: Jul 11 2014, 22:52pm hrs
Westren unionWestern Union has launched gift offers and cash prizes totally worth Rs 75 lakh.(Reuters)
Western Union, a leader in money transfer services, today said the global slowdown has not impacted remittance business.

"Remittances have not been impacted by global slowdown. This industry is recession-proof," Western Union India Managing Director and Regional Vice-President Kiran Shetty told reporters here.

During the last calender year, USD 70 billion remittances had come to India, large chunk of which was from the Middle East and North American region. Seventy-two per cent of remittances come from the diaspora for maintenance of family, he said.

"It is a growth market, not stagnant. We continue in our endeavour to grow," he said, adding, if new players come, it would be good for the industry.

Aiming to woo Indian customers during the holy month of Ramdan, Western Union has launched gift offers and cash prizes totally worth Rs 75 lakh for those receiving international remittances. The prizes range from mobile phone time to LED TVs to refrigerators and the offer will be valid till Jul 28.

"Indians working and living overseas make an extra effort to send money to their family during Ramadan, to ensure that the religious observations and festivities of Eid-ul-Fitr are not compromised," Shetty said.

Last year Western Union moved money into India from over 200 countries, he added.