UAE Exchange India to focus on expanding business
Earlier, it had focused the entire business on remittances and foreign exchange services. It is now expanding the reach to focus on small-size loans, to target financial inclusion.
V George Antony, Managing Director of UAE Exchange India said, “UAE Exchange India decided that financial inclusion is an important parameter which was missing in our offerings and it was the only parameter why we failed to receive a banking license last time. We have started offering small-sized personal loans, two-wheeler loans and gold loans. We have moved into the domestic loan business and are very focused on it. We realised that if you really want to be in the financial sector, you have to be in the credit business. The average amount of loans that we are offering is Rs 50,000 and there is a lot of demand for it. As of now, our total loan book size, including gold loans, is around Rs 500 crore.”
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