Domestic remittances by migrants climb back to clock 40 pc of pre-lockdown level


New Delhi: Domestic remittances by the migrant working population have climbed back to clock 40 per cent of the pre-lockdown level, with the advent of Unlock 1.0 from June 1, fintech company Eko India said on Tuesday. Eko India Financial Services Pvt Ltd (founded in 2007) said it is serving over 3 crore low to moderate-income migrant workers in India.

A clear drop was observed in the remittances made by the migrant working population from urban to rural India, which were recorded at a meagre 35 per cent of the total transactions recorded in the period before the lockdown, it said in a release.

“With the advent of Unlock 1.0 from the beginning of this month, the remittances have climbed back to clock 40 per cent of the total pre-lockdown levels; and are expected to cross the 50 per cent mark by the end of June,” Eko India said.

The remittance data also reflects the speed at which the country’s economy is bouncing back and the rate at which income levels and jobs are being reclaimed by the migrant working populace, it added.

It further said the data also underlines a nationwide trend.

Remittances from across urban nodes have been impacted – Delhi is down 80 per cent, Mumbai 95 per cent, Chandigarh 88 per cent, Bengaluru 83 per cent, and Surat 95 per cent.

“With the need to provide essential services to migrants across the country, Eko wishes to reach out to individuals, former government employees, ex-servicemen, house-wives, educators, retailers, organisations with a network of field force to work with us in helping migrants,” said Abhinav Sinha, Co-Founder, Eko India.

India had witnessed large scale reverse movement of migrants to their home states as COVID-19 outbreak spread and the lockdown was affected in the country beginning March 25, severely affecting economic activities.





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