RBI to grant in-principle nod for Emirates NBD Financial institution PJSC

The RBI would contemplate granting a licence for graduation of banking enterprise in WOS mode underneath Part 22 (1) of the Banking Regulation Act, 1949 to Emirates NBD Financial institution PJSC, on being glad that the financial institution has complied with the requisite circumstances laid down by RBI as a part of “in-principle” approval,” the RBI stated.
| Picture Credit score: FRANCIS MASCARENHAS

The Reserve Financial institution of India (RBI) has determined to grant “in-principle” approval to Emirates NBD Financial institution PJSC for establishing a Wholly Owned Subsidiary (WOS) in India, underneath the “Scheme for Organising of WOS by international banks in India”.

Emirates NBD Financial institution PJSC is at the moment carrying on banking enterprise in India by way of branches positioned in Chennai, Gurugram and Mumbai.

“The in-principle approval has been granted to the financial institution for establishing a WOS by way of conversion of its current branches in India.

The RBI would contemplate granting a licence for graduation of banking enterprise in WOS mode underneath Part 22 (1) of the Banking Regulation Act, 1949 to Emirates NBD Financial institution PJSC, on being glad that the financial institution has complied with the requisite circumstances laid down by RBI as a part of “in-principle” approval,” the RBI stated.