The Deputy High Commissioner, Ranjan Mathai, launched a leaflet in the House of Commons on Thursday, which contains information on the choices of money transfer products and services available for Indians to send home money.
The project also includes a website, www.sendmoneyhome.org.
Deborah McGurk, senior economic adviser, Asia directorate, department for international development, which is undertaking the endeavour, said money sent home could provide up to half of the budget for poorer households in developing countries.
India received a staggering $22 billion through NRI remittances last year, more than any other country in the world, a World Bank report has said.
McGurk said the "Sending Money Home" project aimed to provide comparable, easily accessible information on the products and services available.
"Both the website and leaflet give clear, objective information on UK banks and money transfer operators who offer services to India; their costs, exchange rates, speed of transfer and security," she said.
McGurk added that DFID would spend £260 million in Andhra Pradesh, Madhya Pradesh, Orissa and West Bengal to support development activities in those states.
Referring to the rapid economic progress made by India, Mathai said according to the current estimate about 20 to 25 million people were brought above the poverty line every year and by 2015 to 2020, almost all the people below the poverty line would be above the poverty line.
