RBI to grant in-principle nod for Emirates NBD Bank PJSC

The RBI would think about granting a licence for graduation of banking enterprise in WOS mode beneath Section 22 (1) of the Banking Regulation Act, 1949 to Emirates NBD Bank PJSC, on being glad that the financial institution has complied with the requisite situations laid down by RBI as a part of “in-principle” approval,” the RBI stated.
| Photo Credit: FRANCIS MASCARENHAS

The Reserve Bank of India (RBI) has determined to grant “in-principle” approval to Emirates NBD Bank PJSC for establishing a Wholly Owned Subsidiary (WOS) in India, beneath the “Scheme for Setting up of WOS by foreign banks in India”.

Emirates NBD Bank PJSC is at the moment carrying on banking enterprise in India by means of branches situated in Chennai, Gurugram and Mumbai.

“The in-principle approval has been granted to the bank for setting up a WOS through conversion of its existing branches in India.

The RBI would consider granting a licence for commencement of banking business in WOS mode under Section 22 (1) 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,” the RBI stated.