UAE Exchange applies for banking license in India

UAE Exchange India is 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. It has now applied to the Reserve Bank of India for banking license in the country. UAE Exchange has a network of 328 direct branches and 44,000 agent locations present in 20 states in India.

Dr. B. R. Shetty, MD & CEO, 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 further adds, “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 Rs.12,000 crore in India. The company serves a customer base of over 21 lakhs, employs 3,400 professionals and is the third largest Authorised Dealer Category II, in terms of branch network in India.

The India operations of UAE Exchange is a part of the global network of the leading global remittance and foreign exchange brand, which has operations spread across 31 countries with more than 700 branches. The global money transferrer manages 6% of the total global remittance volume and 10% of the total remittance inflow to India.