NRI remittances down 87% in April as oil prices fall

NRI remittancesData released by the Reserve Bank of India shows that remittances by NRIs fell 87 percent to $302 million in April, due to a slide in oil prices.

The biggest fall was in the NRE Rupee Account category.

Sixty percent of India’s remittances come from the Gulf countries who suffered the most due to the decline in crude oil prices.