Board of Directors

Our top management team has been with us for over a decade and each of them has given us their unstinted support and commitment all through their time with us. They have brought to the organization quality and achievements that have consistently raised our stature in the industry to newer heights.

Dr. B. R. Shetty


Visionaries are born with an urge to accomplish their desires which often cosset the interest of the society at large. Padmashree Dr. B.R. Shetty upheld the highest standards of quality and excellence throughout his career as an industrialist, builder, health care and financial services provider, educationist and sportsman. His exemplary courage and never give up attitude has added heaps of accolades and a plethora of successes which has been escalated through medias across the globe. He always had an enterprising spirit that could hardly be contained in the small township of Udupi, Mangalore, thus moving out to Abu Dhabi in 1973, where he started the New Medical Centre (NMC), and the UAE Exchange, which are part of a large chain of companies with a global presence. The initial success story therefore signaled the spawning of new enterprises as Dr. Shetty set about in earnest diversification of business, that witnessed forays into a bewildering range of businesses spread over distribution of pharmaceuticals, scientific/medical equipment, foodstuff, financial services, gold and diamond jewelery, real estate, IT, Engineering projects and services and hospitality industry.

Dr B. R. Shetty has always taken up the pursuit of excellence throughout his life. Decades of experience in his field of business, has given him profound insight about the society and its needs which has sharpened his crave for society thus making him the best contributor for social cause, benefiting the deprived throughout the globe. He has many notable feathers in his hat among which mentioned could be made of prestigious Padmashree and Pravasi Bharatiya Samman Awards by the President of India, the Karnataka Rajyothsava Award conferred by the Government of Karnataka, the Rainbow Laurel Award conferred by the Maharaja of Travancore.

Born in India, Dr Shetty arrived in UAE in 1973 shortly after the country’s formation.As a trained pharmacist, he opened his first pharmacy in 1975. Dr Shetty’s other business activities include UAE Exchange Abu Dhabi, a leading global money transfer and foreign exchange provider, and investments in hospitality, food and beverage, pharmaceutical manufacturing and real estate.

NMC has since grown to become the UAE’s largest private sector healthcare provider. Today, it has hospitals and clinics across the UAE and treats almost two million patients a year.

Dr. Shetty received the Order of Abu Dhabi in 2005, the country’s highest civilian award, for contribution to the development of Abu Dhabi, UAE and the cause of the Emirate, as well as the Padma Shri Award and Pravasi Bharatiya Samman Awards by the President of India, the Karnataka Rajyothsava Award conferred by the Government of Karnataka, the Rainbow Laurel Award conferred by the Maharaja of Travancore.

In addition to his business activities, Dr. Shetty is involved in several philanthropic causes. He has supported the development of a medical institution in the north Indian state of Uttaranchal and is the founder and patron of the Indian Pharmaceutical Association in the UAE.

He is a member of the Advisory Board of the Dubai Economic Department’s Financial Sector, Chairman of the Abu Dhabi Indian School, Founder and Vice President of the Swiss Business Council, and Founder of the Australian Business Council, the Canadian Business Council, the Netherlands Business Group and the Philippines Business Council.

Dr Shetty is also a member of the Executive Panel of Dubai’s Pharmaceutical and Health Equipment Trading Business Group under the Dubai Chamber of Commerce and Industry.

A passionate cricket fan, Dr Shetty is the former President of the Abu Dhabi Cricket Council and was the Managing Director of the Abu Dhabi Cricket Club from its inception in 1989 until 2006.

Dr B. R. Shetty received a Doctorate from Georgia State University, Atlanta, USA and is also a member of the International Advisory Board of Boston University, USA.

    Mr. V. George Antony

    Non-Executive Vice Chairman

    Mr V George Antony, born at ‘Alappuzha’ - the Venice of the East , is a graduate in commerce, who has started his career with Catholic Syrian Bank in 1981. The endeavour and aspiration incited him on to look for something more challenging, which finally took him to UAE in 1982 and he joined UAE Exchange Centre LLC, Abu Dhabi, in its 2nd year of operations. The courage and industriousness proved him to be chosen by the parent company to start its Indian operations at Kochi, Kerala in 1994.

    The strong determination and hard work placed him among the few outstanding successful business leaders in India. His 36 years of experience in business and the finance industry makes him an inspiring leader to his aspirant juniors.

    The driving force that keeps him young at heart and focused in mind is his vision. His excellent guidance leads the company to become one of the top financial institutions in India delivering the finest services through its versatile products like Money transfer, Foreign Exchange, Travel & Tours, Loans, Insurance, XPay Cash Wallet and Share Trading & Demat.

      Mr. Amit Saxena

      CEO & Managing Director

      Mr Amit Saxena, presently the MD and CEO of UAE Exchange India has decades of expertise in financial arena. Being a part of UAE Exchange Group spread across 45 countries with more than 37 years of legacy in remittance, foreign exchange and payment solutions, shoulders the responsibility of the Indian operations with banking aspiration, is networked by 370+ branches at various locales, served by 3500 employees catering 1 million customers.

      In a career spanning almost 2 decades in Retail Finance in India, Mr Saxena has been instrumental in conceptualising and establishing companies, businesses and new geographies from an absolute start up stage with expertise in developing dynamic teams raising equity and debt capital ,building large distributions and establishing comprehensive risk management systems and processes.

      Mr Saxena has held leadership roles across Retail Finance focused towards Secured Micro and SME Business Loans, Commercial Vehicle Loans, Auto Loans, Mortgages, Securities Finance and Consumer Finance.

      Mr Saxena started his career with Citigroup Consumer Finance India at its start-up stage. He held various leadership positions starting with Regional Head for products and overall business, National Head responsible for Business Loan against Property and Personal Loan Plus, Project leader for Australia Consumer Finance start-up and Division Business Head & Management Committee for the organisation.

      From Citi Group, Mr Saxena moved in 2008 to set up a Retail Finance NBFC, Karvy Finance Services Ltd (KFSL) with the support from Private equity investors.

      Mr Saxena successfully navigated the challenging market environment of 2008 -2014 and established KFSL as a large standalone loan company from an absolute start up stage, starting with conceptualisation of the differentiated business model, seeking regulatory licenses, raising equity and debt capital, core team recruitment, creation of risk management systems and developing distribution across country. Mr Saxena built KFSL as a large niche player in MSME business attracting marquee private equity investors.

      In 2016, Mr Saxena moved to Standard Chartered Group as MD and CEO of NBFC, Standard Chartered Investments and Loans Ltd with a plan to establish Retail Finance, Securities Finance and Wealth Management Products with an end to end digital platform.

      Mr Saxena is an alumnus of Doon School, Dehradun, BITS, Pilani, IIM Lucknow& Harvard Business School.

      Mr Saxena has won a number of accolades like Citi’s ‘Leaders of Distinction’ & ‘Deep Reach’ and is a speaker at forums like Wharton India Economic Forum, Harvard India Conference and ASSOCHAM & CII summits highlighting & championing Financial inclusion through vast potential of MSMEs in India.

        Mr. B. S. Shetty


        Mr. B S Shetty, Non-Executive Director to the Board, has been associated with the Company since its inception, and is the co-founder of the Company. Mr. Shetty hails from Mangalore and brings significant experience and expertise on client relationships to the Company. He guides the Company’s Board of Directors in various conventions with his impeccable wisdom which has helped the Company in various levels.

        Mr. B. S. Shetty is Vice Chairman of World Bunt’s Foundation Trust and is Honorary President of Bunt’s Sangh, Kaup, Udupi.

          UAE Exchange India-Board of Directors

          Dr. C. R. Shetty


          Dr. (Mrs.) C. R. Shetty is a Non-Executive Director of the Company and also serves as a Group Medical Director of Hospitals at NMC Health care LLC (NMCH). Dr. (Mrs.) Shetty has over 33 years of experience in the health care sector. Besides being an active medical practitioner since 1977, Dr. (Mrs.) Shetty has been actively involved in the conception, planning, design, execution and management of various health care facilities of NMCH. She serves as chairs various healthcare committees of NMCH and has been instrumental in the introduction of unit specific clinical and special medical services as well as mentoring multiple health care initiatives. Mrs. Shetty is also a Board Member of Alexandria New Medical Center, Egypt. She is the wife of Dr. B. R. Shetty and mother of his four children.

            Mr. Binay Shetty


            Mr. Binay Raghuram Shetty, is the Chief Operating Officer of Health care and distribution divisions at NMC Healthcare LLC. He holds a Bachelor of Science in Business Administration with specializations in Finance and Entrepreneurship from Boston University, Massachusetts, USA, earning him a place in the prestigious Dean’s list for outstanding academic achievements.

            Mr. Shetty serves as Vice Chairman to the Board of Directors of Alexandria New Medical Center, Eygpt. Mr. Shetty has 6 years of experience spanning healthcare, trading and allied businesses with specific focus on strategic planning, corporate governance, performance assessment and review functions.He is, currently a Director of UAE Exchange LLC, a leading global remittance and foreign exchange provider.

              Mr. Promoth Manghat


              Mr. Promoth Manghat, Chief Executive Officer of UAE Exchange group of Companies spearheads the company with an impressive growth extended to 31 countries across five continents serving a customer base over 13.2 million at 800 direct offices. Be it satiating customers or happy workforce or trustworthy innovations or quintessential pecuniary solutions, Mr. Promoth perfectly personifies in its real essence. Similar traits have been seen to be percolated down the lane by more than 9000 employees from 40 countries. He is looked upon from all quarters for his excellent trait to mentor large in-house crowd, initiator of new processes, and verticals.

              Regulatory compliance also witnessed further fortified with rigorous risk combating strategies with whistle-blower mechanism, thus establishing the goodwill of the company among the regulatory bodies. Mr. Promoth has also led the team that devised the risk and compliance strategy, which strengthened the global compliance of the organization, building its goodwill among regulators from across countries, where it has operations. He has also been at the helm of several key transitions at UAE Exchange in the last 10 years including restructuring, visioning and branding, which paved way for the transformation of UAE Exchange into a truly global brand.

              A voice respected and abreast of developments that transcends beyond the frontiers of learnt expertise. He always had an upper hand in using of Business Intelligence much before the term was coined. Mr.Promoth has a style of business insights that stands out from the rest of the industry. He refers ‘race is against the tail’, the lurking revelation in the disruption of the conventional business etiquettes that is gradually seeping into the economies. Rather than a hawk’s eye on the immediate competitor, present era calls the need to upgrade by taking lessons from the growing sprouts of the industry.

              Each challenge is perceived as an opportunity, carving out tech-powered innovations, bringing resilience and sustainability to the trajectory of business. It is always his style to develop an entrepreneurial culture among the workforce developing employee partnership in all spheres of business. His success speaks for itself when we see his rise from irrevocable insights in the field of Infrastructure & Operation, enterprise architecture & technological innovation, security & risk, data & analytics, program & portfolio management and much more. His impeccable leadership skills has elevated the brand to highest standards across the globe.

              Mr.Promoth’s tenure in UAE Exchange began in April, 2001 when he joined UAE Exchange India as Manager – Accounts. He played a significant role in streamlining the Finance and Accounts function, process & system development and corporate planning of India Operations. In November 2003, Mr.Promoth was promoted to the post of Finance Manager of UAE Exchange, UAE. His experience, innovative thinking and team playing skills helped in streamlining processes of the global financial function of UAE Exchange.

              In 2005, Mr. Promoth was elevated to the position of Vice President – Operations of UAE Exchange which marked a new era in the history of UAE Exchange. The various projects and initiatives he undertook substantiated his skills and effectiveness in strategic and operational areas and UAE Exchange, during this period, achieved outstanding success transforming itself into a global remittance and foreign exchange brand. In September 2009, Mr. Promoth became the Vice President – Global Operations of UAE Exchange, leading the Global Operations team of UAE Exchange, which included the Global Country Operations and various functions and departments at its Global Head Quarters in Abu Dhabi.

              Subsequently, in December 2014 Mr. Promoth was elevated as the Dy. Chief Executive Officer and today is the Chief Executive Officer of the UAE Exchange Group of Companies. Along with its day-to-day operations, Mr. Promoth is responsible for strategy, operations and business expansion of UAE Exchange globally. He successfully leads a big team of Regional/Country Heads and the heads of Revenue, Strategy, Marketing, Risk, Products and Services Divisions at Global Head Quarters of UAE Exchange. Mr. Promoth represents UAE Exchange in several forums. His penchant for excellence has cascaded well down to the last link in the organisational structure. The result is that under his able leadership UAE Exchange earned coveted recognition from various quarters including ISO 9001 & 14001 certification, Superbrand status in 2009, 2010, 2011,2012, 2013, 2014 and 2015 consecutively, TISSE 2012 certification, Banker Middle East Product Award, Deutsche Bank & Standard Chartered Bank STP Excellence Award, Customer Service Week Star Award for 2010, 2011 and 2012, consecutively, Dubai Quality Award, The Sheikh Khalifa Excellence Award, Sheikh Mohammed bin Rashid Al Makhtoum Business Award, Dubai Service Excellence Scheme Award, Banker Middle East Product Award, Asia’s Most Promising Brand Award etc.

              Mr. Promoth’s strategic, negotiation and problem solving skills came to the fore to shine brighter during the acquisition of Travelex. The complexity of the deal can be measured by the number of regulators who needed to be satisfied before completion of the deal.

              The efforts won the team, led by Mr. Promoth, the ‘Deals of the Year Award’ from The Banker Magazine in the Mergers and Acquisitions category for 2015. He was conferred the prestigious Excellence in Finance & Profession Award instituted by the Institute of Chartered Accountants of India (ICAI), Abu Dhabi Chapter in 2015. Mr. Promoth is an Associate member of the Institute of Chartered Accountants of India since 2000 and holds a Bachelor’s Degree in Commerce. He was awarded Finance CEO of the Year Award at the Indian CEO’s Awards by ITP Group in 2016.

                Mr. Y. Sudhir Kumar Shetty


                Reflecting an ace level of business elegance, Y. Sudhir Kumar Shetty raised himself to be the Executive Director and President - Global Operations of UAE Exchange, most diversified remittance companies of the world. He infused his intuitive tech-insight and operational prowess, leading the company to gain momentum by leaps and bounds.

                Law and commerce gradation has given an upper hand in business trajectory, conducive to the upbringing of a culture that aerated with product improvement, customer relationship management, brand positioning and quality bench-marking. Episodes of success followed by Mr.Sudhir from the day one with Dr. B.R. Shetty, then Managing Director & CEO of NMC Group of Companies. He joined as an Internal Auditor of the NMC Group of companies soon elevated to Head UAE Exchange, the Remittance & Money Exchange Company of the NMC group.

                At the dint of his oratory elegance, he claimed a space for himself among the academic and professional gatherings around the world including World Bank, United Nations HQ, USA and more. NRI of the Year 2014, Excellence in Finance from ICAI Abu Dhabi Chapter and Jeevaragam Global Personality 2012 are some among the recognition that adorned his personage

                Multifarious disposition frilled with expertise in areas of Leadership, Business, Philanthropy, cultural inclination, mingled with patriotism, fostering Education and Sports creates a distinct aura that enlightens all the role he takes up.

                  Mr. Nirman R Shetty


                  Nirman Shetty has over 15 years of work experience across multiple industries and functions, and at various levels of management. He currently spearheads NMC’s distribution business, NMC Trading, one of UAE’s largest distribution companies across pharmaceuticals, medical equipment and consumables, personal care, food and beverage, household care, education and veterinary products. Nirman spearheaded NMC’s foray into e-commerce as well. Prior to NMC Trading, as President – Corporate Affairs, Nirman was responsible for transforming the information technology, customer service and sales and marketing functions for NMC Healthcare. As UAE’s largest private healthcare provider, NMC’s 2,000 doctors treat over 12,000 patients every day. Nirman’s responsibility was to ensure that key components of the infrastructure that supports NMC’s clinicians were in place and constantly improving.

                  Prior to NMC, Nirman has worked at Lodha Developers, one of India’s leading real estate development companies, as a Senior Strategist and at Microsoft, one of the world leaders in information technology, as a Program Manager.

                  Nirman is a bachelor of engineering in computer science from the RV College of Engineering, Bangalore and a master of business administration from the Indian School of Business (ISB), Hyderabad.

                    Mr. Abraham Thariyan

                    Independent Director

                    Mr. Abraham Thariyan joined the board of UAE Exchange India as Independent Director on 3rd March 2015. Prior to this, he was the Executive Director of South Indian Bank from April 2009 to September 2014. He began his career with Federal Bank in 1972 and has thereon successfully risen through the ranks by handling multidimensional assignments and heading all the major functions in the Bank at various points of time.

                    He became the General Manager of Federal bank in 2005 and he was in charge of International Banking, Treasury, SME Advances, Asset Recovery, Financial services, NRI services, overseeing representative offices and retail gold business up to 2009.

                    Mr. Abraham Thariyan holds a Post Graduate degree in Sociology. He completed Master of Business Administration from Cochin University. He is also a Certified Associate of the Indian Institute of Bankers. He has attended training program on strategic thinking for business leadership at Stanford business school, Stanford university California in 2010.

                    He has 20 years of experience in International Banking and Foreign Exchange and was an elected Managing Committee member of FEDAI (Foreign Exchange Dealers Association of India) for 15 years, representing private sector banks.

                    He has served as Management committee member of Kerala Management Association. He was the Chairman of CSR Taskforce -Confederation of Indian Industry ,Kochi. He was also a Panel member of IBA Standing committee on Payment system and banking technology. Presently he is the President of State Forum of Bankers Club Kerala, an apex body of Banker’s Clubs in Kerala.

                    Terms of Appointment

                      Mr. M. Narendra

                      Independent Director

                      Mr. M. Narendra joined UAE Exchange India as Independent Director on September 5, 2015. He is a Commerce graduate with Bachelor of Law Degree (University III Rank in both) and is a Certified Member of the Indian Institute of Bankers (CAIIB). Mr. Narendra is an eminent banking professional with 40 years of wide experience and exposure in Banking arena. He started his career as office trainee at Corporation Bank in 1975. Thereafter, in the year 2008, he became Executive Director in Bank of India for a period of 2 years. During his tenure in Bank of India, he has ensured to achieve all parameters like Team Building, Brand Enhancement, Priority Sector initiatives, Branch expansions, new initiatives for effective Risk Management etc.

                      He, later, joined as Chairman and Managing Director of Indian Overseas Bank in 2010 and retired as CMD in 2014.


                      With his rich and diversified field experience, IOB ranked 7th place in business among 19 nationalised banks since March 2011. Mr. Narendra has at his credit, some of the prestigious awards in the field of banking industry, for his excellence in outstanding performances and exceptional contribution to Indian Banking sector. He has held membership in RBI’s Technical Advisory Committee on Money, Forex and Government Securities Markets. He also held various esteemed councils and committees with Indian Bank’s Association (IBA). He is currently also the chairman of ASSOCHAM National Council for Banking & Finance.

                      Terms of Appointment

                        Mr. R. Krishnan

                        CFO and Whole-time Director

                        On 7th April, 2005 Mr Krishnan R started his journey with UAE Exchange & Financial Services Ltd as its Manager-Internal Audit. He continued in the post till January 2006 and successfully handled internal audit of branches and administrative office. Then he was elevated as Manager-Finance with responsibility of Finance, Tax & MIS of the organization. Now he serves the Company as its Director and Chief Finance Officer monitoring the entire finance, Tax, Annual Budgeting and MIS operations of the organization in India.

                        As Director and Chief Finance Officer, Mr Krishnan successfully raised funds from various banks for the company. Spearheaded financial aspects for transformation of 40 Crore company into a more than 200 Crore topline company. Established stronger financial reporting, enhanced cost controls and built new tax department.

                        He played a key role in obtaining credit rating for the banking limits and in obtaining membership with CIBIL for the company.
                        It was under his guidance an efficient MIS system for the company and branches was developed and influenced the management in making various decisions.

                        Played Key role in positioning the company for IPO/PE investment to further augment the growth of the company.Played key role in the team for making Banking License Application for the Company. As Manager-Internal Audit, he was instrumental in developing standard audit questionnaire for branches, dealing room guidelines and daily audit of rate loading, receivables etc.

                        Future Plans:
                        Looking ahead into the future Mr Krishnan sees the PE/IPO Listing of the company, credit rating for the whole company and ISO accreditation for the operations.

                        Personal Front:
                        Mr Krishnan lives with his father, mother, wife and son in Cochin. His wife Ms Kavitha is also employed with UAE Exchange. He likes traveling, Sports and Music.

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