Washington: India and Canada are working to facilitate easier cross-border remittances, a move that could benefit over four lakh Indian students studying in Canada.
"We are talking; our teams are going to be talking further, and adopting everything which helps in easier payment, cross-border remittances," Finance Minister Nirmala Sitharaman said after the inaugural Economic and Financial Dialogue with Canadian Finance Minister Francois-Philippe Champagne in Toronto.
Champagne said financial services offer significant growth opportunities between the two countries and highlighted the need to facilitate payments for around 400,000 Indian students.
He said remittances could be around 45,000 Canadian dollars per student, adding that easier transfers would provide greater peace of mind to parents in India. Both sides also discussed greater cooperation in digital payments and increasing the presence of financial institutions in each other's markets.