The Reserve Bank of India has decided to give an in-principal approval to the United Arab Emirates ‘Emirates NBD Bank PJSC’ to start a fully owned subsidiary in India. Emirates NBD Bank PJSC is currently doing banking business in India through its branches in Chennai, Gurugram and Mumbai. The Reserve Bank said in a statement, “The bank has been given an in-principal approval to set up a full-owned subsidiary (WOS) through conversion of its existing branches in India.”
The RBI further stated that it would consider licensing Emirates NBD Bank PJSC to start banking business in WOS mode under the Banking Regulation Act, 1949. But for this, it is necessary for RBI to be satisfied with the fact that Emirates NBD Bank PJSC has followed the required conditions set as part of the in-Principal approval.
What kind of banking services gives in India
According to the bank’s website, the branch of Emirates NBD India provides several types of banking services for both individual and corporate customers. The bank offers retail banking solutions to its NRI clients in the United Arab Emirates as well as immediate transfer to overseas remedies.
Apart from India, Emirates NBD Bank PJSC operations are also in the United Arab Emirates, Egypt, Saudi Arabia, United Kingdom, Turkes, Bahrain, Russia, Austria, Germany, Singapore. It has its representative offices in China and Indonesia.