UAE Exchange applies for universal bank licence

UAE Exchange and Financial Services Ltd, the B R Shetty-promoted money changing company, has applied for a universal bank licence. It is the first company to apply for a universal banking licence under the “on tap” licensing of universal banks in the private sector.

 

The Reserve Bank of India (RBI) announced on Tuesday UAE Exchange had made a bid. The central bank said it will publish the names of those interested in starting universal banks on a quarterly basis. “The Reserve Bank shall publish the names of the applicants on a quarterly basis,” it said. Earlier, it had applied to the RBI for starting a small finance bank but failed to get a licence. In January this year, Managing Director V George Antony had said it would approach the RBI for a licence to set up a universal bank once its loan portfolio crosses the ~1,000 crore-mark.

 

UAE Exchange is registered as an AD II category non-banking financial company in the country and has been operating from 1999 with its registered office in Bengaluru.

 

Shetty, a Gulf-based non-resident Indian, is the founder of UAE Exchange India and also the founding partner and CEO of NMC Healthcare, Abu Dhabi.