UAE Exchange applies for universal bank licence

UAE Exchange is registered as an AD II category non-banking financial company in the country

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