Emirates NBD Bank Gets Green Light for Indian Subsidiary

The Reserve Bank of India (RBI) has announced that it has extended "in-principle" approval to Emirates NBD Bank PJSC for establishing a wholly-owned subsidiary in India. This UAE-based bank currently operates in India through branches in Chennai, Gurugram, and Mumbai.

The "in-principle" approval allows Emirates NBD Bank to convert its existing branches into a subsidiary, contingent on meeting specific conditions set forth by the RBI. This move could see the bank expand its presence and service offerings within the booming Indian banking sector.

Emirates NBD Bank India branches currently provide a comprehensive range of banking services tailored to both personal and corporate clients, including exclusive services for NRI clients in the UAE. The bank operates in several countries, including the UAE, Egypt, Saudi Arabia, and the UK, among others.

(With inputs from agencies.)