UAE Exchange applies for small bank licence

"Applying for a small bank licence and upgrading our company to a bank is only a natural extension from its present position to serve our customers with much better financial provisions" said UAE Exchange India, Managing Director, V George Antony in a statement here.

UAE Exchange India, part of the Global UAE Exchange Group, has applied for a small bank licence.

Reaching out to the under-served and making them aware about the availability of various financial amenities is sure to bring a drastic change in the growth and development of the nation at large, he added.

UAE Exchange is one of the leading firms in foreign exchange and remittance services. It has operations spread across 32 countries. Starting off its operation in 1999 as a Full Fledged Money Changer, it later got promoted itself into an ADII category in Foreign Exchange.

In 15 years of its operations in India, the company has acquired varied licences from the regulator like ADII licence, Non-Banking Finance Company licence, Foreign Inward Money Transfer Service licence for Xpress Money and MoneyGram, the prepaid licence for Domestic Money transfer & Utility Services and many more. UAE Exchange India has 390 direct offices in various states of India with around 4,000 direct employees and a business correspondents network of around 6,629 individual agents. It also handled around 4.6 million retail transactions in India through its various branches spread across the nation in 2014.

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