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Banks in Kerala are flush with Gulf remittances, which are expected to rise to the tune of $70b by the year-end as compared to $58b in 2011, according to a study in Dubai. Opulentus DubaiA World Bank report cited “strong economic activity in the Gulf Cooperation Council countries” to be the primary driver of remittances in the world, particularly South Asia. While the Indian rupee maybe weakening, the Gulf remittances are growing by the day. By this July, Kerala banks were already holding Rs.557b as compared to Rs.385b by the end of 2011.  One in every 10 Keralites is in the Gulf and sending remittances, the study said. The weakening rupee is in fact a blessing for those sending money to Kerala because it increases their deposits.

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