UAE Exchange applies for banking licence in India

UAE Exchange India, a Non-Banking Financial Company approved by Reserve Bank of India (RBI) and third largest Authorised Dealer Category II in terms of branch network in India, has now applied for a banking licence in India.

UAE Exchange has a network of 328 direct branches and 44,000 agent locations present in 20 states in India.

Dr. BR Shetty, MD and CEO of UAE Exchange, said: “We have been present in India since 1999 and we also have strong presence in all other countries, from where Indian expatriates send money to their families in India. We think it is a great opportunity to now service the Indian clients besides the Indian expatriate community. Our rich infrastructure, technological prowess and wide reach across India, are our strengths. We are certain that if given the license, we would be able to start our banking operations effectively within the stipulated time of 18 months.”

He said: “UAE Exchange is trusted among the Indian diaspora and their families for remittance, foreign exchange, bill payments, loan against jewellery, travel services etc. The strong network of our branches spread out across India, reaches even small towns and the rural space, from where the bread earning members have migrated in search of better prospects.”

During the financial year 2012-13, UAE Exchange handled a total business volume of Rs120 billion in India. The company serves a customer base of over 2.1 million, employs 3,400 professionals and is the third largest Authorised Dealer Category II, in terms of branch network in India.