There has been a strong shift towards ecommerce, contactless digital payments, and cash displacement.
In April last year, India passed the Finance Act 2020, which brought several changes affecting money transfers made after September. This passing of this Act caused some confusion and concerns among NRIs about having to pay taxes on the money
The Indian Rupee has become far more attractive for those remitting money to the country. Amid a pandemic-stricken 2020, the rupee lost almost 3% against the US dollar to reach close to Rs.74 to a dollar.
The banking industry has been shifting to accommodate the needs of an increasingly discerning customer base, trying to provide them a seamless and satisfying digital experience.