UAE Exchange, India Applies for Small Bank Licence

Kochi, February 2, 2015: UAE Exchange India, a part of the Global UAE Exchange Group, pioneers in foreign Exchange and Remittance services spread across 32 countries, promoted by Dr.B R Shetty CEO & MD of UAE Exchange Group applies for Small Bank Licence with the Apex Bank.

UAE Exchange India started its operation in 1999 as an FFMC and 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 the 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. Proficient services with transparent methods have elevated the company to be the most favored among the customers, making the Financial Supermarket with the best financial solutions readily available even simplest customer touch points.

UAE Exchange India has 390 direct offices in various states of India with around 4000 direct employees, a BC network of around 6629 individual agents. It also handled around 4.6 million retail transactions in India through its various branches spread across the nation in 2014.

“Applying for a Small Bank license 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. Reaching to the underserved 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.” says V George Antony, MD, India.