The Reserve Bank of India (RBI) has given in-principle approval to Emirates NBD Bank PJSC, based in the United Arab Emirates, to establish a wholly owned subsidiary (WOS) in India.
The bank currently operates in India through its branches in Chennai, Gurgaon, and Mumbai.
As per the RBI’s statement, the approval will allow Emirates NBD to convert its existing Indian branches into a full subsidiary.
However, before issuing the final license, the RBI will ensure that the bank meets all conditions required under the Banking Regulation Act, 1949.
RBI’s Statement and Future Steps
The RBI stated:
“The bank has been granted in-principle approval to set up a wholly owned subsidiary (WOS) through conversion of its existing branches in India.”
The central bank added that it will grant the final license only after it is fully satisfied that all necessary requirements linked to the in-principle approval have been fulfilled.
Services Offered by Emirates NBD in India
According to its official website, Emirates NBD Bank India offers a broad range of banking services to both individual and corporate clients.
It also provides retail banking services for NRI customers in the UAE, including instant overseas money transfer facilities.
Where Else Does the Bank Operate?
Besides India, Emirates NBD Bank PJSC operates in several other countries, including:
United Arab Emirates
Egypt
Saudi Arabia
United Kingdom
Turkey
Bahrain
Russia
Austria
Germany
Singapore
It also has representative offices in China and Indonesia.
