RBI grants in-principle nod to Emirates NBD Bank PJSC to set up wholly owned unit in India

The Reserve Bank of India (RBI) on May 19 granted in-principle approval to Emirates NBD Bank PJSC for setting up a Wholly Owned Subsidiary (WOS) in India.

The approval was given under the Scheme for Setting up of WOS by foreign banks in India, RBI said in a release.

The in-principle approval has been granted to the bank for setting up a WOS through conversion of its existing branches in India, RBI added.

On January 9, 2023, Moneycontrol was the first to report that Emirates NBD had expressed interest in the sale process of IDBI bank and submitted an expression of interest.