The Reserve Bank of India (RBI) has granted “in-principle” approval to Emirates NBD Bank PJSC, UAE, for establishing a Wholly Owned Subsidiary (WOS) in India under the RBI’s “Scheme for Setting up of WOS by Foreign Banks in India.”
Currently, Emirates NBD operates in India through branch offices located in Chennai, Gurugram, and Mumbai. The proposed WOS will be formed by converting these existing branches into a subsidiary structure.
The RBI will consider issuing a final banking licence under Section 22(1) of the Banking Regulation Act, 1949, upon satisfaction that Emirates NBD has met all the prescribed conditions associated with the in-principle approval.