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.”