Federal Bank expects Rs 32,000 crore NRI remittances in FY14

NRI remittances through the bank was Rs 28,000 crore during 2012-13

With the rupee volatility continuing, Kerala Headquartered Federal Bank is expecting NRI remittances through "its engine" touching Rs 32,000 crore this fiscal, a top bank official today said.

During 2012-13, NRI remittances through the bank was Rs 28,000 crore, of which about 60% came to the bank and the remaining went to the other banks in the state, A Surendran, General Manager, Head-Retail and International Banking, told reporters here.

Within the last five months of this fiscal, already 75% of the remittances collected last year has been received, he said.

"It all depends how the rupee behaves.If the trend continues, the remittances could further go up," he said when asked if the remittances would climb further.

The bank has already hiked the interest rates for three year NRE deposits to 9.5% from 8.75%.

Of the foreign remittances coming to Kerala, 80% is from the Gulf, he said.