UAE forex firm 'to apply for Indian banking licence'

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

UAE Exchange, one of the largest foreign exchange firms in the United Arab Emirates, has applied for a banking licence, it has been reported.

The firm, which already has 328 branches and 44,000 agents in India, has applied to the Reserve Bank of India for a banking licence, the Gulf Daily News reported.

"We have been present in India since 1999 and also have strong presence in other countries, from where Indian expatriates send money to their families in India," UAE Exchange managing director and chief executive Dr BR Shetty was quoted as saying.

"We think it is a great opportunity to now service the Indian clients besides the Indian expatriate community. If we are given the licence, we would be able to start our banking operations effectively within the stipulated time of 18 months," he added.

Last year, UAE Exchange sold a 40 percent stake to Centurion Investment in a deal said to be worth $2bn. UAE Exchange is one of the oldest exchange houses in the UAE with 99 branches. It also has 560 branches in 29 other countries.

Related:
Topics
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

2
Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams