UAE Exchange and Financial Services (UAE Exchange), an authroised dealer for remittances and money changing, plans to enhance its presence by increasing branches to 500 in the next 2-3 years and emerge as financial services group. It also plans to enter into banking services subject to regulatory approvals. | |
| At present, the non-banking finance company is also involved in equity broking, distribution of financial products - mutual funds and insurance - and travel and ticketing business. |
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| It will make public offer in the second half of 2007-08 to raise capital for business expansion. It has over 200 branches staffed by over 2,000 professionals in the country. |
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| The NBFC wants to have at least one branch in each district of the country at a total outlay of around Rs 250 crore. The company has sought approval from the Reserve Bank of India for accepting deposits and internal money transfer, V G Anthony, country head, UAE Exchange, said. |
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| The RBI has upgraded the NBFC from a money changer to authorised dealer with permission to release foreign exchange (outward remittance) for transactions such as overseas education, employment and emigration and Visa fees. |
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| The company along with the UAE Exchange group, its counterpart in West Asia, handles remittances (money send by workers in the Gulf to India) worth Rs 34 crore daily. Total remittances from the Gulf to India are expected to touch Rs 11,000 crore in 2006, he said. |
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| On its plans for making UAE Exchange a financial super market, B R Shetty, director, UAE Exchange, said, "We follow prudential norms applicable to the financial sector with utmost care and the company has a strong anti-money laundering system in place." |
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| The UAE Exchange group, headed by Shetty, will also foray into healthcare, hospitality business (four-star hotel chain), real estate - residential and commercial space, and information technology. |
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