Webinar on EU-India remittances corridor

In an effort towards facilitation of dialogue to assist with cost-effective flow of remittances and their development effect, under the EU-India CDMM Project, the ICMPD (project implanting partner) organised a webinar on EU-India remittances corridor.

The meeting examined key components of the EU-India remittance corridor - enhancing migrant access to the banking sector within host communities, reducing transfer costs in line with the internationally agreed targets (and in the context of the EU-India corridor: ensuring parity between Member States), embracing digital alternatives, and to a lesser extent to what extent (if any) is de-risking having on Indian Money Transfer Operators.

As the European Union (EU) and India mitigate the adverse effects of the COVID-19 global pandemic and begin their planning for an economic recovery, remittances will offer an important buffer for life expenses and future growth for families across the EU and India.

Led by CDMM implementing partner ICMPD, a webinar on India-EU remittances was held. It brought stakeholders from the European Commission, World Bank, Reserve Bank of India, Central Banks from Key EU member States, relevant Government of India representatives, and industry leaders (Money Transfer Operators or Digital) to engage in a virtual conversation oriented around:
  • Reviewing the current issues encountered by migrants wishing to send remittance;
  • Exchanging and sharing of good practices, with a focus towards remittance transaction cost, continuous improvement to services, and de-risking;
  • Responding to the challenges of widespread unemployment and the plight of migrant communities in host countries (exploring the variety of digital alternatives: micro-finance and cooperative/Bitcoin/Cryptocurrency Remittance platforms);
  • Addressing regulatory and infrastructure barriers, exchanging on initiatives to facilitate universal financial access in receiving countries and amongst migrant workers in sending countries (access to banking);
  • Promoting solutions adapted to the crisis times.