Mumbai: The RBI on Monday said it has decided to grant “in-principle” approval to UAE-based Emirates NBD Bank PJSC for setting up a wholly-owned subsidiary in India.
Emirates NBD Bank PJSC is currently carrying on banking business in India in branch mode through its branches located in Chennai, Gurugram and Mumbai. “The in-principle approval has been granted to the bank for setting up a WOS (wholly-owned subsidiary) through conversion of its existing branches in India,” the Reserve Bank said in a statement.
RBI further said it would consider granting a licence for commencement of banking business in WOS mode of the Banking Regulation Act, 1949 to Emirates NBD Bank PJSC, on being satisfied that the bank has complied with the requisite conditions laid down by RBI as part of “in-principle” approval.
According to the bank’s website, Emirates NBD India branches offer a range of banking services for both personal and corporate clients. It also offers an exclusive banking experience to its NRI clients in UAE by offering retail banking solutions as well as immediate transfers facilities on overseas remittances.
Besides India, the Group has operations in the United Arab Emirates, Egypt, Kingdom of Saudi Arabia, UK, Turkey, Bahrain, Russia, Austria, Germany, Singapore and representative offices in China & Indonesia.