UAE Exchange India plans bank in India

Last Updated: Mon, Jul 01, 2013 12:50 hrs

Mumbai, July 1 (IANS) Non-banking finance company UAE Exchange India has applied to the Reserve Bank of India for a banking licence, a top official said here Monday.

"We are present in India since 1999 and also have a strong presence in all the countries from where NRIs remit money to their families in India. Our rich infrastructure, technological prowess and wide reach across the nation are our strengths. If given the licence, we would start our banking operations within the stipulated 18 months," said UAE Exchange India Chairman B.R. Shetty.

Besides remittances, the Indian diaspora uses its services for foreign exchange, bill payments, loans against jewellery and travel, he added.

UAE Exchange India has 328 direct branches and 44,000 agents in 20 states.

Last fiscal (2012-2013), it handled a business of Rs.12,000 crore serving a customer base of over 2.10 million and employing 3,400 professionals.

Worldwide, UAE Exchange is spread across 31 countries with over 700 branches, managing six percent of the total global remittance volumes and 10 percent of the total remittance inflow to India.

In addition, its associations with many leading brands globally offer several value-added products and services to over six million customers, worldwide.

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