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UAE Xchange forays into IT, real estate and railway

Written by: Staff

Kozhikode, Aug 30 (UNI) Money transaction major UAE Xchange today announced plans to foray into rail booking, IT and real estate in the country as part of its expansion programme.

UAE Xchange Country Head, V George Antony, while talking to reporters, said the company, which had been registering transaction of about Rs 600 crore in India monthly rpt monthly, would start rail booking for commuters in about 10 days. Preliminary work in entering into the other two sectors had already started, he added.

He said of the Rs 600 crore transactions, about Rs 200 crore came as Express Money for cash-to-cash payments and it would be delivered to the beneficiary in five minutes. Rest of the amount was paid through bank transactions, he added.

As part of its expansion plan, the company, with a staff strength of 2,000, would recruit 1000 more employees for smoothening operations in its 206 branches across the country.

Besides 206 offices, the UAE Xchange was also engaged in the services of 3000 sub-agents for money transaction in every nook and corner of the country, he said.

Out of the 2000 staff members, 1,200 were employed in Kerala in its 62 branches, he said adding 60 per cent of the total transactions were made in Kerala.

The company, which was presently engaged in money exchange, transfer, air booking, tours, insurance, mutual funds and stock trading had approached the Reserve Bank of India for Authorised Dealership, enabling it to remit money outside the country, he added.

Mr Antony presented a cheque for Rs 15 lakh to M Suresh Babu, who won UAE Xchange's bumper prize in 'Try your Luck' promotion campaign.


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