Southern boost to UAE Exchange Centre

UAE Exchange Centre, part of the UAE-based financial institution NMC, witnessed a 50 per cent increase in remittance, which stood at Rs 27,000 crore, to India between January and December 2008.

According to BR Shetty, managing director and chief executive officer, NMC, southern states especially Kerala led the growth as the number of Indian workers in West Asia are more from the south compared with other states in the country.

“With the rupee becoming stronger against dirham, the NRIs felt parking funds in India would be safer which led to the growth in remittance,” he added. Around Rs 125 crore daily or Rs 3,100 crore per month was remitted through the UAE Exchange in the last four months. Of this, almost Rs 80 crore or 64 per cent cent remittances were to Kerala mainly from the UAE.

Meanwhile, the exchange is also planning to strengthen its Indian operations by opening 100 branches in 2009 and is in talks with the Centre to tie up with post offices to cater to the rural parts of the country. The exchange currently has 226 offices in the country.