UAE Exchange and Financial Services applies for banking licence

KOLKATA: The UAE Exchange and Financial Services Ltd has applied for a universal banking license in India, becoming the first entity to seek it after Reserve Bank of India opened the door for on-tap license last August.

The non-banking company is in the business of foreign exchange, outward remittance, money transfer, gold loan, insurance and share trading.

The company is also the lone entity so far to seek a private banking licence under new rules. RBI moved to on-tap or continuous authorisation policy from the previous `stop and go' licensing policy to increase the level of competition in banking field.

Bandhan Bank and IDFC Bank were the last ones to get licences under the previous policy regime.