"UAE Exchange India, on Monday applied for a banking licence. The deadline to apply for a license is July 1 and over 40 applications have been received by the Reserve Bank of India so far.
Currently, UAE Exchange India operates as a non banking finance company. "We have been present in India since 1999 and we also have strong presence in all the countries, from where NRIs send money to their families in India,'' said B R Shetty, Chairman, UAE Exchange India.
We think it is a great opportunity to now service the Indian clients besides the NRI community. Our rich infrastructure, technological prowess and wide reach across the nation, are our strengths. We are certain that if given the license, we would be able to start our banking operations effectively within the stipulated time of 18 months," he said."
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