As the Rupee slides to new low against the dollar, NRIs are making a beeline to send the remittances back home. The leading bankers in Dubai say the expatriate Indians are opting for personal loans, cash advances through credit cards and salary advances to remit money back home. Some have even resorted to mortgaging properties to raise loans and send the money back to India. Some banks have also come out with attractive features like special money transfer rates and discounted charges to India.
While some of the banks have cancelled the inter-banking processing fee, others are offering free online remittances and same day credit for customers having accounts with Indian banks that have tied up with them. They have also become flexible in adjusting the loan interest rates.
The dollar pegged dirham has been around Rs14 since late November and touched an all-time high of Rs14.52 at close on Tuesday. Earlier in the day yesterday rupee had plunged to 53.52 against the dollar for a peak exchange rate of Rs14.70 to the dirham.