Unlock 1.0: Remittances climb back to clock 40% of the pre-lockdown levels - Check data details

In a good news for economy and with the advent of Unlock 1.0 from the beginning of this month, remittances have climbed back to clock 40% of the total pre-lockdown levels; and are expected to cross the 50% mark by the end of June.  Eko India, a fintech company that enables deposit, withdrawal, and remittance services for its customers - mostly migrant workers, have furnished some insightful findings on the basis of an analysis of the transactions that they have carried out since the beginning of the lockdown.

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.

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% of the total transactions recorded in the period before the lockdown.  

The data also underlines a nationwide trend. Remittances from across urban nodes have been impacted - Delhi is down 80%; Mumbai 95%; Chandigarh 88%; Bengaluru 83%; and Surat 95%.

87% of India’s migrant workers have meagre, small or zero landholdings to sustain themselves. Employment opportunities back home are negligible and the absence of any form of ‘safety-net’ makes the situation even more precarious.  Resulting in these families being heavily reliant on the remittances sent by their family members working in the cities.

Commenting on the Eko’s model, Abhinav Sinha, Co-Founder, Eko India, said, “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, organizations with a network of field force to work with us in helping migrants.”

"Eko India Financial Services Pvt. Ltd is serving over 3 crores low to moderate-income migrant workers in India. Through its services, Eko has supported and positively impacted the lives of over 12 crores Indians – facilitating in the process, their right to a better and improved livelihood and lifestyle," the company said in a statement.