The Hindu : Business : UAE Exchange gets AD status

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Wednesday, Oct 11, 2006
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UAE Exchange gets AD status

— PHOTO: PAUL NORONHA

UPGRADED: B. R. Shetty (left), Chairman and Managing Director, UAE Exchange & Financial Services Ltd., with Y. Sudmeer Kumar Shetty, COO and General Manager, Global Operations, at a press conference in Mumbai on Tuesday.

MUMBAI: The Bangalore-based UAE Exchange and Financial Services Ltd. is planning to add 100 more branches across the country in the next 12 months in order to become a financial supermarket.

"We plan to add 100 more branches in next 12 months and have a branch in every district as our aim is to become financial supermarket," said UAE Exchange's Country Head, V. George Antony, while announcing the grant of Authorised Dealer status by the Reserve Bank of India (RBI) here on Tuesday.

UAE Exchange & Financial Services is providing inward money transfer services in India as an agent of UAE Exchange Centre LLC, Abu Dhabi.

The company has around 209 branches across the country providing foreign remittances, drafts and currency exchange to foreign inward money transfers, investment services, and VAT reclaim.

Also, UAE Exchange has become the first full-fledged moneychanger (FFMC) to receive Authorised Dealer Category-2 licence from the central bank, said UAE Exchange's Chairman and Managing Director, B. R. Shetty.

The company's foreign remittances by the end of December 2005 were $2.5 billion, more than 10 per cent of India's total remittances of $21 billion, Mr. Shetty said. The company has been in the foreign exchange business for the last 38 years, he added.

It was upgraded from a FFMC to an Authorised Dealer Category-2 based on its strong financials, good governance, regulatory/prudential comfort and adequate internal control mechanism, Mr. Antony said. — PTI

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