Middle East

Abu Dhabi: UAE Exchange, Alankit collaborate to implement MGPSY

Media Release

Abu Dhabi, Apr 28: UAE Exchange will be a facilitator for the implementation of the Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY) scheme offered by the Ministry of Overseas Indian Affairs (MOIA) in association with Alankit Assignments Ltd. This programme recognized by the government of India, is a pension and life insurance fund scheme for the overseas Indian employees, whose passports have the Emigration Check Required (ECR) stamp.


This integrated social security scheme helps them to save regularly for their resettlement, old age pension and an insurance cover. To join the scheme, the subscribing NRI worker should contribute INR 5,000 per year, while the government of India will contribute INR 2,900 for men and INR 3,900 for women.

A formal ceremony in this regard was held on Sunday April 27 and was graced by the ambassador of India to the UAE, His Excellency T P Seetharam and other senior officials from the Indian Embassy.

Speaking on the occasion, Y Sudhir Kumar Shetty, COO – Global Operations, UAE Exchange, said, “Trust is the prerequisite and the foundation of any partnership to begin with and to sustain. Our alliance with Alankit Assignments is a very prestigious one as we have come together for a noble programme like the Mahatma Gandhi Pravasi Suraksha Yojana (MGPSY). We take this opportunity to thank Alankit Assignments Ltd and the Ministry of Overseas Indian Affairs for giving us this opportunity and will go an extra mile to broaden our horizons to benefit our Indian customers.” 

Mr Alok Kumar Agarwal, Chairman & Managing Director, Alankit Group, said, “We are glad to tie up with the UAE Exchange for the expansion of the MGPSY scheme. Our presence in UAE for the past decade gives us a unique leverage to cater to a widespread geography. The project benefits through our robust experience in government initiatives, thus creating awareness and attracting more subscribers towards the scheme.”

The objective of MGPSY is to encourage and enable the overseas Indian workers by giving a government contribution that can be saved for their return and resettlement (R&R); a saving for their old age and obtain a life insurance cover.

UAE Exchange 
UAE Exchange is a leading global remittance and foreign exchange brand, with 132 branches in UAE. It is also the widest globally networked remittance brand with over 700 branches across 31 countries in 5 continents. Its strong correspondent banking relationship with over 150 global banks adds to the might. More than 9000 professionals representing over 40 nationalities, strive to achieve excellence and bring delight to customers worldwide. This penchant for quality has won the ISO certified brand and many global awards for quality and business excellence and has earned the trust of customers, partners and regulators alike, thus earning the acclaim ‘World’s Trusted Money Transferor.’

Alankit Assignments Ltd. 
With an experience of two decades, Alankit is now the leading financial and health care service player in India. Alankit Assignments Limited, the flagship company of the group, is a conglomerate of nine group companies offering diversified activities into e-governance, financial services, insurance and health care sectors.

A strategically integrated portfolio of varied services allows Alankit to cater to customers from different walks of life ranging from common individuals to business conglomerates both domestically as well as internationally. With a customer base of over 20 million, which is increasing year after year, Alankit operates through a wide network of 3866 business locations spread across 673 cities and two overseas offices at London and Dubai.

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Title : Abu Dhabi: UAE Exchange, Alankit collaborate to implement MGPSY


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