Emirates NBD Bank gets conditional nod from RBI to open the local arm

Copyright © HT Digital Streams Limit all rights reserved. Shayan Ghosh 2 min Read 19 May 2025, 11:07 PM The RBI, in a statement, said that Emirates NBD Bank PJSC is currently working under branch mode through its branches in Chennai, Gurugram and Mumbai. (Reuters) Summary The RBI said that Emirates NBD Bank PJSC is currently working under branch mode through its branches in Chennai, Gurugram and Mumbai. In India, it reported a £ 4,641.6 crore loan book on March 31, 2024, according to its latest available annual report, of £ 3,417.2 crore in FY23. Mumbai: The Reserve Bank of India (RBI) said on Monday that they decided to grant approval in the principle to the Dubai-based Emirates NBD Bank PJSC to establish a full arm in India. India allows foreign banks to work either as a branch or a wholly owned subsidiary of the parent. All but two – DBS Bank India and STC Bank India – work as branches. A local unit gives the bank more flexibility than when it works as a branch. Also read: Before borrowing via a lending app, ask if it is worth losing your privacy? The RBI said in a statement that Emirates NBD Bank PJSC is currently working under branch mode through its branches in Chennai, Gurugram and Mumbai. In India, it reported a £ 4,641.6 crore loan book on March 31, 2024, according to its latest available annual report, of £ 3,417.2 crore in FY23. The group has operations in the United Arab Emirates, Egypt, Saudi Arabia, India, the United Kingdom, Turkey, Bahrain, Russia, Austria, Germany, Singapore and representative offices in China and Indonesia, according to the website. “The approval of the principle was granted to the bank for the erection of a WOS (full subsidiary) by converting its existing branches in India,” he said. According to RBI, it will consider granting a license for the start of banking businesses through wholly owned subsidiary mode to Emirates NBD Bank PJSC because he is satisfied that the bank has complied with the “required conditions laid down by RBI as part of the approval of the principle. reported on January 21 that those interested in the IDBI Bank, Fairfax Financial, Emirates NBD, Oaktree Capital and Kotak Mahindra Bank. RBI seized control over the struggling Lakshmi Vilas Bank (LVB) and forced a merger with the local unit of the largest DBS bank in Singapore. Banks open, it has found an uphill task to penetrate meaningfully in India, which impedes some areas. have.