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India's BFSI firms woo Gulf NRIs and PIOs

DUBAI — Bullish is how India's banking, financial services and insurance sector (BFSI) describes the UAE and the whole market of the six-member Gulf Cooperation Council bloc, home to over four million non-resident Indians (NRIs) and people of Indian origin (PIO).

Industry players are especially keen on tapping the financial services and real estate segments of the Indian market overseas saying these will experience tremendous growth for at least the next 10 years. They are banking on the billions of dollars that NRI-PIOs send to their home country.

According to initial data released by the Reserve Bank of India, worldwide NRI deposit inflows have grown to Dh14.3 billion ($3.895 billion) in the current fiscal year as compared to Dh10.24 billion ($2.789 billion) a year earlier. The outstanding NRI deposits reached Dh145.52 billion ($39.62 billion) this year from last year's Dh129 billion ($35.134 billion).

Yesterday 10 big companies belonging to the BFSI sector opened a two-day exhibition at the Dhow Palace Hotel to kick off the eighth annual Khaleej Times India Investment Show, which serves as a trade platform between sellers and buyers of BFSI services and products.

Bank of Baroda, one of India's premier banks, Kotak Mahindra Asset Management Co and global financial services firm Motilal Oswal Financial Services Ltd led the exhibitors, which have all vowed to either expand their operations in Dubai to other parts of the GCC market or set up offices here to take advantage of the region's economic might.

Yogesh Hemmadi, the chief manager for Gulf business of show organiser Mediascope Publicitas (India) Pvt Ltd, said last year's exhibition was also participated in by a small number but major industry players.

"We don't encourage a bigger number of exhibitors," he said. "We are after the size of an organisation that will be participating in our show. That is why our exhibitors are all major companies in the BFSI sector."

Recently the State Bank of India has opened a branch at the Dubai International Financial Centre (DIFC), acknowledging Dubai's emergence as a fast growing international financial hub.

In the Gulf, Bank of Baroda has outlets in the UAE, where it has full pledged operations since 1974, and Oman. It is now planning to open branches in Qatar, Saudi Arabia and Kuwait.