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The Reserve Bank of India (RBI) has granted in-principle approval to Emirates NBD Bank PJSC to set up a Wholly Owned Subsidiary (WOS) in India.

Emirates NBD Bank PJSC, Dubai’s government-owned bank, is one of the largest banking groups in the Middle East in terms of assets. The approval by RBI was given under the Scheme for Setting up of WOS by foreign banks in India.

The in-principle approval was granted to the bank for setting up a WOS through conversion of its existing branches in Chennai, Gurugram and Mumbai. Emirates NBD Bank PJSC is currently operating in India from these three branches. – editor@nrifocus.com

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