The Reserve Bank of India (RBI) said on Monday that it has decided to grant in-principle approval to the UAE’s Emirates NBD Bank PJSC for setting up a wholly-owned subsidiary in India. Emirates NBD Bank PJSC is Dubai’s government-owned lender.
The Indian central bank’s nod is under its scheme for setting up of wholly-owned subsidiaries by foreign banks in the country.
The development comes at a time when Emirates NBD Bank PJSC is carrying out banking operations in India in branch mode.
Currently, the UAE-based lender has its branches located in Chennai, Gurugram and Mumbai in India.
The in-principle clearance will enable to Dubai-based lender to to establish the subsidiary by converting its existing branches in India.
RBI gives in-principle approval to Emirates NBD Bank PJSC: What next?
The RBI will now consider granting a licence to the UAE-based lender to enable it to commence banking business in wholly-owned subsidiary mode under Section 22 (1) of the Banking Regulation Act, 1949.
The issuance of this licence will be subject to the bank complying with the RBI’s requisite conditions, according to the central bank.
Anurag Dhole is a seasoned journalist and content writer with a passion for delivering timely, accurate, and engaging stories. With over 8 years of experience in digital media, she covers a wide range of topics—from breaking news and politics to business insights and cultural trends. Jane's writing style blends clarity with depth, aiming to inform and inspire readers in a fast-paced media landscape. When she’s not chasing stories, she’s likely reading investigative features or exploring local cafés for her next writing spot.
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
- ANURAG DHOLEhttps://indiatadkha.com/author/bitlancetechhubgmail-com/
