The remittances company UAE Exchange is still eager to set up a bank in India after missing out in the first round of licences issued.
India’s finance ministry on Thursday said that the Reserve Bank of India (RBI) would be likely to start inviting applications to form new banks in the next few months after preparing a new set of guidelines for the licences.
UAE Exchange India applied for a bank licence last year after the RBI allowed corporate houses and non-banking finance companies to do so. It was among 25 companies that applied for a licence. Only two were successful in the first round – IDFC, an infrastructure lender based in Mumbai, and Bandhan, a Kolkata-based microfinance organisation, were awarded preliminary licences in April, the first bank licences to be issued in more than a decade. The RBI has said that it plans to issue more licences.
“We are optimistic and confident about being awarded the banking licence as and when the RBI reopens the licensing process,” said BR Shetty, the chief executive of UAE Exchange. “We have been closely associated with the Indian market, which is the largest receiver of remittances in the world. We account for 10 per cent of the total annual remittances to India. We also offer a wide range of financial services in India, tailor-made for the market.
“In spite of the great strides that the country has taken, a huge percentage of the population still doesn’t have a bank account and this unbanked segment mostly belongs to the bottom of the economic pyramid.”
Indian banks have been affected by slower economic growth and high interest rates, and public sector banks in particular have been struggling with bad loans.
“We believe that our strong bonding with the Indian diaspora and its beneficiaries, technological prowess, strong relationship with leading banks in India and rich expertise in the financial space make us a strong contender for the banking licence,” said Mr Shetty. “We are very passionate about setting up a bank in India.”
business@thenational.ae
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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China
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UAE
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Japan
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Norway
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Canada
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Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
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David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
