Global money transfer brand UAE Exchange is expanding its network in India, as inward remittances have been on the rise in recent months, especially owing to the rupee slide.
Mr Varghese Mathew, Zonal Manager of the company, said inward remittances have surged almost 15 per cent in recent months.
The company will be adding 50 branches to its existing network in the next few months, with each branch requiring an investment of about Rs 10 lakh, he told media persons here today.
In the next one to two years, the company plans to take its total outlets from the current 302 to 500, Mr Mathew said.
Indians working abroad have been transferring their savings back home to cash in on the rupee depreciation. The rupee had slid almost 30 per cent against the dollar from August 2011, prompting many NRIs to even take loans and remit the money back home to cash in the rupee fall.
India continues to be the biggest remittances market, followed by China, Mexico and the Philippines. Last fiscal, remittances into India beat estimates to touch $ 64 billion from $ 58 billion in the previous fiscal, out-distancing the global growth rate of 7-8 per cent. This was mostly on account of the increase in flow in the last quarter of the year.
With Andhra Pradesh being an important market for the company, accounting for almost 15 per cent of its total turnover, UAE Exchange will be adding seven more branches to its existing network of 38.
UAE Exchange has launched a new scheme across its 302 offices in India to garner new business. Under this scheme, customers doing a transaction at any of its branches can win prizes ranging from Toyota cars to LCD TVs and gold coins. The offer is open from August 1 till October 31, 2012.