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UAE Exchange India has applied to the Reserve Bank of India for a banking licence.
The non-banking finance company has a countrywide network of 328 direct branches and 44,000 agent locations present in 20 States in the country.
Dr B. R. Shetty, Chairman, UAE Exchange India, said, “We have been present in India since 1999 and we also have a strong presence in all the countries from where NRIs send money to their families in India.
“We think it is a great opportunity to now service the Indian clients besides the NRI community.”
During the financial year 2012-13, UAE Exchange India handled a total business volume of Rs 12,000 crore, the NBFC said in a statement.
The company serves a customer base of over 21 lakhs and employs 3,400 professionals.
UAE Exchange India is part of UAE Exchange, a global remittance and foreign exchange brand with operations spread across 31 countries with more than 700 branches.
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