The UAE Exchange has applied to the Reserve Bank of India for a banking licence.

The non-banking financial company has a network of 328 direct branches and 44,000 agent locations present in 20 states in India.

"We have been present in India since 1999 and also have strong presence in other countries, from where Indian expatriates send money to their families in India," UAE Exchange managing director and chief executive Dr B R Shetty said.

"We think it is a great opportunity to now service the Indian clients besides the Indian expatriate community. Our rich infrastructure, technological prowess and wide reach across India, are our strengths," stated Shetty.

"If we are given the licence, we would be able to start our banking operations effectively within the stipulated time of 18 months," he added.

During the financial year 2012-13, UAE Exchange handled a total business volume of 120 billion rupees in India.

The company serves a customer base of over 2.1 million, employs 3,400 professionals and is the third largest authorised dealer category II, in terms of branch network in India.

The India operation of UAE Exchange is a part of the global network of the leading global remittance and foreign exchange brand, which is spread across 31 countries with more than 700 branches.

The global money transferrer manages 6 per cent of the total global remittance volume and 10 per cent of the total remittance inflow to India.-TradeArabia News Service