Domestic remittances, usually from big cities and more affluent areas to India’s rural hinterland, plunged about 80% in the past two weeks, triggered likely by a sudden loss of jobs and the return of the migrant workers to their homes. The Centre’s decision to transfer funds directly to their bank accounts might cushion the impact, but business for the affected payments companies might take longer to recover. Fino Payments Bank, Eko India Financial Services, Spice Digital, Oxigen Services India and members of the business correspondent network have seen remittances nosedive since the nationwide lockdown took effect. Remittances within India are pegged at about Rs 2 lakh crore a year, and monthly volumes accurately capture the financial health of the informal sector.