Trust UK NRIs to get in the bucks

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London: While India Inc and Ministry of Finance is looking at investors to increase money inflow into India, there is reason to look more at NRIs.

A survey, sponsored by the Department of International Development in the UK, shows that Indian families in Britain send at least 1,000 pounds a year back home, on an average.

"My constituency in Harrow has a large Indian community. I know many people in my constituency want to send money back in a secure, safe and reliable way to people in India. What I hope this survey will do is to encourage financial services players in the UK to provide more products in a cheaper and safe way," Minister for International Development, Gareth Thomas, says.

Banks and companies are now seeing money in this business of sending money.

"India as a corridor is a big opportunity and that shows India receives $20 billion a year. So obviously, as a corridor where we expressed our interest steadily growing. We anticipate a lot of growth from UK, US and other countries," Country Manager UK, Travelex Money Transfer Ltd, Suraj Vaghani, says.

The money transfers belie fears that younger people abroad will lose their links with India

"On the contrary what we see is enhancement of the process. The basic remitter will remain basic. What you see now is that initiatives of being able to develop products for permanent Indian residents vis-à-vis his investments in India - that's an evolving process," Vice-President Global Financial Institutions, Citigroup, Mohmud Mohamed, says.