India Highest Recipient of Remittances At $79 billion in 2018: World Bank

India retained its position as the world's top recipient of remittances with its diaspora sending a whopping USD 79 billion back home in 2018, the World Bank said in a report Monday.

India was followed by China (USD 67 billion), Mexico (USD 36 billion), the Philippines (USD 34 billion), and Egypt (USD 29 billion), the global lender said.

With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief.

RBI Issues Norms For Banks To Set Up Currency Chests

The Reserve Bank of India Monday came out with guidelines for banks to set up new currency chests, which include minimum area of 1,500 square feet for strong room. "Area of the strong room/ vault of at least 1,500 sq ft. For those situated in hilly/ inaccessible places, the strong room/ vault area of at least 600 sq ft," the RBI said while specifying minimum standards for setting up new currency chests.

Besides, the new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day.

For those situated in the hilly/ inaccessible places, capacity of 2.1 lakh pieces of banknotes per day.

Earlier, a RBI appointed committee had recommended that the apex bank should encourage banks to open large currency chests with modern facilities and Chest Balance Limit (CBL) of at least Rs 1,000 crore.