Monday, 9 January 2017

UAE Exchange mulls setting up universal bank

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After having failed to get a small finance bank licence, leading financial services firm, UAE Exchange India, is now mulling to approach the RBI for licence to set up a universal bank once its loan portfolio crosses Rs 1,000 crore-mark. "We earlier applied for a small bank. But we did not get it. We want to apply now again after crossing Rs 1,000 crore loan portfolio. 

Maybe, by the end of 2017-18 we expect it to cross Rs 1,000 crore. Then, we will apply for licence for universal bank (on tap). We can apply today also. But we do not want to be in a hurry," V George Antony, Managing Director of UAE Exchange India told PTI.

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