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UAE Exchange fosters financial inclusion and sustainability

Since its independence, India, Asia's third largest economy, has seen many changes in its socio-economic landscape.

Pandit Jawaharlal Nehru, the first Prime Minister of India, while addressing the constituent assembly at the Indian Parliament, declared India's freedom at midnight in 1947 with his famed and eloquent speech "Tryst with Destiny". This declaration brought about a rise in spirits of each individual across the country, for India was finally realising a dream to be an independent nation, but it also reminded them that freedom and power bring responsibility.
Since its independence, India, Asia's third largest economy, has seen many changes in its socio-economic landscape. Today, India has grown into a vibrant nation and one of the building blocks of its economic growth has been the overseas Indians who have accelerated the transition by remitting to their families and building new businesses back in their home country. Even Minister of External Affairs of  India, Sushma Swaraj, in her address to the Indian Diaspora had stated that the contribution of NRIs has always been remarkable towards the progress of the nation and they should continue to work for the reconstruction of the country.
According to the Ministry of Overseas Indian Affairs, the Indian Diaspora is estimated at about 25 million, of which 5 million live in the Gulf region. Though, it is still a long way for India to become an advanced and developed nation, the progress made by the different sectors is encouraging especially the remittance industry. One of the significant contributors for the nation's growth, the introduction of technological innovation has led the remittance industry in India to grow manifold in the last decade, from $20.25 billion remittances received in 2005 to $70 billion remittances received in 2014, making India the top most receiving country as per World Bank 2014 report.
With financial inclusion being a key area of focus of the government and the RBI, penetration of bank accounts and formalising the channels of remittance inflows in India is growing. Hence, to keep the remittance money flowing, banks and other financial institutions like the UAE Exchange have streamlined their exchange and transfer processes, thereby, supporting and contributing its best towards building a nation that is strong, prosperous and inclusive, where each and every Indian realises their hopes and aspirations.
Today, an NRI can instantly transfer money in a timely, adequate, secure and convenient mode, while on the move. They can send money to India by choosing from a repertoire of services offered by UAE Exchange like FLASHremit (instant direct money transfer to the beneficiary's bank account), Xpress Money and Western Union (instant money transfer as cash payout to any location), Money2anywhere.com (the online money transfer portal) or MasterCard Moneysend (instant fund transfer to the beneficiary's MasterCard debit / credit card account). An Indian expatriate can also avail gocash, a MasterCard powered six currency prepaid international travel card that enables exchange rate lock facility and helps the customer from any exchange rate fluctuation, thereby, making travel hassle-free.
Being a socially responsible corporate, UAE Exchange also provides secure savings option. Smart Pay (the WPS compliant leading payroll solution), credit card and utility bill payments, mobile top-ups are other services offered by the brand. Known for its excellent customer service and widest network among remittance brands, the UAE Exchange has 750+ branches, of which 140 branches are in the UAE, in 32+ countries and serves 7.9+ million customers. The brand also has strong correspondent relationship with 140+ global banks, of which 30 are in India.
As India celebrates another year of independence, UAE Exchange salutes the hard work and sense of responsibility of all the overseas Indians who have, over the years, helped build a new and progressive India.