RBI Grants In-Principle Approval to Emirates NBD Bank to Set Up Wholly Owned Subsidiary in India

The Reserve Bank of India (RBI) has given “in-principle” approval to Emirates NBD Bank PJSC to establish a Wholly Owned Subsidiary (WOS) in India. This approval falls under the RBI’s “Scheme for Setting up of Wholly Owned Subsidiaries by Foreign Banks in India.”

Currently, Emirates NBD Bank operates in India through its branches in Chennai, Gurugram, and Mumbai. With this approval, the bank plans to convert its existing branches into a single WOS structure.

The RBI will grant a final banking licence under Section 22(1) of the Banking Regulation Act, 1949, after the bank fulfills all the conditions outlined in the in-principle approval. Once approved, the WOS structure will allow the bank to expand its operations more independently and efficiently within the Indian market.

Emirates NBD was initially formed as the National Bank of Dubai (NBD) on 19 June 1963 by then Dubai’s ruler Sheikh Rashid bin Saeed Al Maktoum, forming the first national bank established in Dubai. NBD merged with Emirates Bank International (EBI) on 6 March 2007 to form Emirates NBD. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM).