Fall in Remittances in May due to Localized Lockdowns
- 24.05.2021 02:21 pm
Anand Kumar Bajaj, Founder, MD & CEO, PayNearby said: “The second wave of the COVID-19 pandemic has hit the country harder than ever. As people struggle for survival, lockdown and its impact on the economy has slowed down our domestic remittance business. The remittance business was gradually recovering from the impact of last year's lockdown and labour migration when the sudden spread of the virus in April yet again prompted a large section of the migrant workforce to leave the big cities. PayNearby, which has an 11% market share in domestic money transfers (DMT) saw a drop of 20-25% in remittances, and this could widen further if the strict lockdowns continue in most parts of the country. We have started to see some amount of reverse remittance, where families from villages and rural India are sending money to support workforce in cities."