Emirates NBD gets approval to expand operations in India
20 May 2025 09:46
A. SREENIVASA REDDY (ABU DHABI)Emirates NBD, a leading bank in the UAE, has received 'in-principle' approval from the Reserve Bank of India (RBI) to establish a wholly owned subsidiary (WOS) in India. The approval paves the way for the bank to transition from its current branch mode of operation to a locally incorporated entity, allowing it to scale up its presence and offerings in the Indian market.At present, Emirates NBD operates in India through branches located in Mumbai, Chennai and Gurugram. This branch mode, while functional, imposes regulatory constraints that limit the bank's ability to expand operations freely. The move to WOS mode will provide the bank with greater operational flexibility on par with Indian banks, enabling it to broaden its range of financial services and expand its branch network more efficiently.'The bank will be permitted to commence operations under the WOS model once the RBI is satisfied that it has complied with the requisite conditions laid down as part of the 'in-principle' approval,' said Puneet Pancholy, Chief General Manager of the RBI, in a statement.The transition forms part of Emirates NBD's wider strategy to strengthen its footprint in India and to enhance its service offerings to both retail and corporate clients. Emirates NBD opened its first full-fledged branch in Mumbai in 2017, followed by approvals for branches in Chennai and Gurugram in 2021.
Indian expatriates comprise the largest community in the UAE, and over a third of Emirates NBD's customer base consists of Indian expats, a previous statement from the bank said. The bank's instant remittance platform, DirectRemit, has gained significant traction among this demographic, offering 60-second online fund transfers to India.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
20 hours ago
- Khaleej Times
UAE: No free remittances for Emirates NBD customers from September
Emirates NBD on Friday said that it will implement a fee for international transfers made via the app or online banking. In an email sent to customers, the major bank said that starting September 1, 2025, customers will be charged Dh26.25 for remittances, including those done by DirectRemit. DirectRemit is a digital money transfer service that allows Emirates NBD customers to make remittances to India, the Philippines, Pakistan, Sri Lanka, Egypt and the United Kingdom in less than 60 seconds. Remittances through this service are currently charged Dh0 in fees, as can be seen below: The bank will also be charging a fee for cancelling local or international transfers. Here's the updated list:
Al Etihad
2 days ago
- Al Etihad
UAE fund invests $100 million in US blockchain firm WLFI
27 June 2025 00:38 A. SREENIVASA REDDY (ABU DHABI)A UAE-based Web3 fund, Aqua 1 Foundation, has announced a $100 million investment in World Liberty Financial (WLFI), a decentralised finance (DeFi) platform linked to US President Donald Trump. The investment will be made through the purchase of WLFI's governance move was disclosed in a joint statement issued by both entities, which was shared as a press release by joint statement emphasised their shared ambition to accelerate the global shift from traditional finance to decentralised models. The governance tokens will allow Aqua 1 to participate in shaping WLFI's operational and strategic decisions, although they do not represent ownership or entitle holders to a share in the project's seeks to transform the fintech sector through blockchain technology, enabling access to financial services via digital tokens without intermediaries such as banks.'We're excited to work hand-in-hand with the team at Aqua 1,' said Zak Folkman, co-founder of WLFI. 'Aligning with Aqua 1 validates our blueprint for global financial innovation, as we have a joint mission to bring digital assets to the masses and strengthen our nation's standing as a champion and leader of cryptocurrency and blockchain technology.'The collaboration comes at a time of growing institutional interest in DeFi. Aqua 1's investment will also support WLFI's USD1 ecosystem — a suite of payment and treasury management tools aimed at broadening blockchain adoption among businesses."WLFI's USD1 ecosystem and RWA pipeline embody the trillion-dollar structural pivot opportunity we seek to catalyse," said Dave Lee, founding partner of Aqua 1. 'We want to be at the heart of this transformation where traditional capital markets merge with decentralised financial primitives.'Looking ahead, the two organisations plan to co-develop BlockRock, an institutional platform for real-world asset (RWA) tokenisation, and support the launch of Aqua Fund, a UAE-domiciled investment vehicle. The fund will focus on blockchain infrastructure, artificial intelligence integration, and global Web3 adoption, with plans to be listed on a secondary trading platform within Abu Dhabi Global Market (ADGM). WLFI has already raised hundreds of millions of dollars through the sale of governance tokens. International agencies have reported several recent high-value purchases by funds and high-net-worth individuals. In April, Abu Dhabi-based DWF Labs acquired $25 million worth of WLFI governance tokens, while Chinese-born crypto entrepreneur Justin Sun is reported to have spent $75 million on them.
Al Etihad
2 days ago
- Al Etihad
UAE stock markets reach new peaks
26 June 2025 20:37 A. SREENIVASA REDDY (ABU DHABI)The UAE stock markets reached new peaks on Thursday following positive momentum generated by easing tensions between the US, Israel, and Abu Dhabi Securities Exchange (ADX) continued its positive trajectory with its general index (FADGI) rising by 0.766% to close at 9,886.23. A total of 32,750 trades were executed, involving 660 million shares with a combined value of Dh1.88 billion. The total market capitalisation of all companies listed on the ADX stood at Dh3.083 Properties led the rally with a 7.6% gain, followed by Abu Dhabi Commercial Bank with a 2.69% rise, and Eshraq Investments with a 4.35% increase. Other top gainers on the ADX included Al Khaleej Investments (+7.93%), Abu Dhabi Co. for Building Materials (+7.48%), and Alpha Data (+6.41%). Notable decliners were Oman and Emirates Investment Holding (-10.00%), Sharjah Cement (-3.09%), and Presight (-2.86%).The Dubai Financial Market (DFM) continued its rally for the sixth straight session with its general index (DFMGI) rising by 1.256% to close at 5,683.91, its highest level in 17 years. A total of 14,863 trades were executed on the DFM, involving 469 million shares with a combined value of Dh954 million. Share prices of 35 companies rose, nine declined, and 10 remained unchanged. Dubai Islamic Bank led the rally with a 4.91% rise in share price, followed by Union Properties (2.81%) and Salik (2.2%). Among the other top gainers on Monday were Sukoon Takaful (+11.43%), Chimera S&P UAE Shariah ETF (+6.18%), and National International Holding (+3.89%). On the losing side, International Financial Advisors fell by 9.89%, followed by Al Salam Sudan (-1.48%), Islamic Arab Insurance (-0.98%), and Dubai Residential REIT (-0.81%).
