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UAE Exchange India applies for small bank license

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UAE Exchange India applies for small bank license
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Kochi: The Indian operation of UAE Exchange Group, a global remittance and foreign exchange company, Monday said it has applied for a small bank license with the apex bank in the country.

"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," said the company's India managing director V. George Antony.

The foreign exchange company is presently scheduled under the AD 2 category of the Reserve Bank of India which entitles the company to deal in "full-fledged" money changing business as recognised agents.

It also holds a NBFC license and Foreign Inward Money Transfer Service licence among others.

In the calendar year 2014, the company handled around 4.6 million retail transactions in India.

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