Indian banking industry’s presence in the UAE is inadequate given the fact that India is the largest trading partner of the Emirates, Sanjay Verma, Indian Consul General in Dubai, said on Sunday.
“India has remained as the number one trading partner of the UAE for the past two years, and the bilateral trade now exceeds $43 billion. But we need a stronger Indian banking presence here to enable faster bilateral trade and investment growth,” Verma said. With just one bank — Bank of Baroda — now offering full-fledged commercial banking operations in the UAE, the representation of the Indian banking industry is not proportionate with the strongly growing two-way trade and investment ties.
“There is a disconnect between the vibrant bilateral trade ties and the not so strong presence of the Indian banking here,” the senior Indian diplomat said at the unveiling of an innovative cash management and transfer system for Dubai Gold and Commodities Exchange by JRG International and UAE Exchange. However, there are around 12 Indian financial institutions conducting limited operations from the Dubai International Financial Centre. Verma said the $1.3 trillion Indian economy is poised to grow two-fold in five years. “By 2018, India will overtake China as the fastest growing global economy,” he said.
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