Union Bank of India has received the Reserve Bank of India's permission for opening representative offices in Dubai and Doha.
The proposed offices would promote trade and assist the Indian entities as the bilateral trade between India and United Arab Emirates was about $4 billion, and with Qatar it was on the upswing, UBI said in a release in Mumbai on Wednesday.
The bank has a vast network of correspondence in the Gulf region and tie-ups with leading exchange houses. The representative offices would cater to their requirements and also serve the vast NRI community, it said.
The bank was in the process of applying for permission from regulatory authorities in the respective countries and hopes to commence operations soon, it added.