UAE Exchange applies for banking license in India

UAE Exchange, one of the largest foreign exchange firms in the United Arab Emirates, has applied to RBI for a banking license in India.

UAE Exchange Managing director and Chief executive Dr BR Shetty said that the group has been present in India since 1999 and has strong presence in other countries, from where Indian expatriates send money to their families in India.

He said that if the group is given license, it will be able to start its operations within the stipulated 18 months. UAE Exchange has 328 branches and 44,000 agents in India.

The forex house sold its 40 percent stake to Centurion Investment last year in a deal said to be worth $2billion.

It is one of the oldest exchange houses in the UAE with 99 branches and 560 branches in 29 other countries.
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