Latest news with #EmiratesNBDBankPJSC
India Gazette
20-05-2025
- Business
- India Gazette
Emirates NBD in India: Bank gets in-principle nod to set up wholly owned subsidiary
New Delhi [India], May 20 (ANI): The Reserve Bank of India (RBI) has decided to grant 'in-principle' approval to Emirates NBD Bank for setting up a Wholly Owned Subsidiary (WOS) in India. The nod to the UAE-headquartered has been accorded under the 'Scheme for Setting up of WOS by foreign banks in India'. Emirates NBD Bank PJSC is currently carrying on banking business in India in a branch mode through its branches located in Chennai, Gurugram and Mumbai. The in-principle approval has been granted to the bank for setting up a wholly owned subsidiary (WOS) through the conversion of its existing branches in India. 'The RBI would consider granting a licence for commencement of banking business in WOS mode under Section 22 (1) of the Banking Regulation Act, 1949 to Emirates NBD Bank PJSC, on being satisfied that the bank has complied with the requisite conditions laid down by RBI as part of 'in-principle' approval,' RBI said. At present, foreign banks have a presence in India only through branches. According to RBI, local incorporation of a foreign bank creates a separate legal entities, having its own capital base and local board of directors. It also ensures that there is a clear delineation between the assets and liabilities of the domestic bank and those of its foreign parent and clearly provides for ring-fenced capital and assets within the host country. It imparts clarity and certainty with respect to the applicability of the laws of the country of incorporation on the locally incorporated subsidiary. Importantly, a local incorporation provides effective control to the local regulators. Under the Scheme for Setting up of Wholly Owned Subsidiaries (WOS) by foreign banks in India, all foreign banks that are not carrying on banking business in India and that wish to do so in the future shall carry on banking business in India only through a wholly owned subsidiary. (ANI)
Mint
19-05-2025
- Business
- Mint
Emirates NBD Bank gets conditional nod from RBI to open local arm
Mumbai: The Reserve Bank of India (RBI) on Monday said it has decided to grant in-principle approval to Dubai-based Emirates NBD Bank PJSC to establish a wholly-owned arm in India. India allows foreign banks to operate either as a branch or wholly-owned subsidiary of the parent. All except two — DBS Bank India and SBM Bank India — work as branches. A local unit gives more flexibility to the bank than when operating as a branch. Also read: Before you borrow via a lending app, ask whether it's worth losing your privacy over? The RBI, in a statement, said that Emirates NBD Bank PJSC currently operates under the branch mode through its branches located in Chennai, Gurugram and Mumbai. In India, it reported a loan book of ₹4,641.6 crore as on 31 March 2024, per its latest available annual report, up from ₹3,417.2 crore in FY23. The group has operations in the United Arab Emirates, Egypt, Saudi Arabia, India, the UK, Turkey, Bahrain, Russia, Austria, Germany, Singapore and representative offices in China and Indonesia, as per its website. 'The in-principle approval has been granted to the bank for setting up a WOS (wholly owned subsidiary) through conversion of its existing branches in India," it said. According to RBI, it would consider granting a licence for commencement of banking business through the wholly-owned subsidiary mode to Emirates NBD Bank PJSC, on being satisfied that the bank has complied with the 'requisite conditions laid down by RBI as part of in-principle approval". Also read: JP Morgan's Mookim seeks bright spots amid earnings lull in Indian markets Interestingly, Emirates NBD was one of the suitors for private sector lender IDBI where the government and the Life Insurance Corp of India (LIC) want to sell 61% of their stake, per media reports. The Economic Times reported on 21 January that those interested in IDBI Bank include Fairfax Financial, Emirates NBD, Oaktree Capital and Kotak Mahindra Bank. The government and LIC collectively owned a 94.71% stake in IDBI Bank as on 31 March. In the past, the regulator has allowed the local arm of a foreign bank to take over a domestic lender. In November 2020, RBI had seized control of the struggling Lakshmi Vilas Bank (LVB) and forced a merger with the local unit of Singapore's largest lender DBS Bank. That was the first time the central bank had tapped a bank with a foreign parent to backstop an Indian rival. Also read: GN Bajpai: Tokenize real estate to open up an attractive asset class Foreign banks have found it an uphill task to penetrate meaningfully into India, barring a few areas. The difficultly has been more pronounced in retail operations, given the deep on-ground presence of Indian public sector and private banks. In fact, a clutch of foreign banks have exited certain businesses in India, the latest being Citibank which sold its consumer banking business for ₹11,603 crore to Axis Bank in 2023.
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Business Standard
19-05-2025
- Business
- Business Standard
RBI gives in-principle nod to Emirates NBD for India subsidiary setup
The Reserve Bank of India on Monday said it has decided to grant "in-principle" approval to UAE-based Emirates NBD Bank PJSC for setting up a wholly-owned subsidiary in India. Emirates NBD Bank PJSC is currently carrying on banking business in India in branch mode through its branches located in Chennai, Gurugram and Mumbai. "The in-principle approval has been granted to the bank for setting up a WOS (wholly-owned subsidiary) through conversion of its existing branches in India," the Reserve Bank said in a statement. RBI further said it would consider granting a licence for commencement of banking business in WOS mode of the Banking Regulation Act, 1949 to Emirates NBD Bank PJSC, on being satisfied that the bank has complied with the requisite conditions laid down by RBI as part of "in-principle" approval. According to the bank's website, Emirates NBD India branches offer a range of banking services for both personal and corporate clients. It also offers an exclusive banking experience to its NRI clients in UAE by offering retail banking solutions as well as immediate transfers facilities on overseas remittances. Besides India, the Group has operations in the United Arab Emirates, Egypt, Kingdom of Saudi Arabia, United Kingdom, Turkey, Bahrain, Russia, Austria, Germany, Singapore and representative offices in China and Indonesia. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
The Hindu
19-05-2025
- Business
- The Hindu
RBI to grant in-principle nod for Emirates NBD Bank PJSC
The Reserve Bank of India (RBI) has decided to grant 'in-principle' approval to Emirates NBD Bank PJSC for setting up a Wholly Owned Subsidiary (WOS) in India, under the 'Scheme for Setting up of WOS by foreign banks in India'. Emirates NBD Bank PJSC is currently carrying on banking business in India through branches located in Chennai, Gurugram and Mumbai. 'The in-principle approval has been granted to the bank for setting up a WOS through conversion of its existing branches in India. The RBI would consider granting a licence for commencement of banking business in WOS mode under Section 22 (1) of the Banking Regulation Act, 1949 to Emirates NBD Bank PJSC, on being satisfied that the bank has complied with the requisite conditions laid down by RBI as part of 'in-principle' approval,' the RBI said.
Economic Times
19-05-2025
- Business
- Economic Times
RBI okays Emirates NBD Bank PJSC's subsidiary plan in India
The Reserve Bank of India has granted "in-principle" approval to Emirates NBD Bank PJSC, based in the UAE, to establish a wholly-owned subsidiary in India. This will be achieved through the conversion of its existing branches in Chennai, Gurugram, and Mumbai. The RBI will consider granting a banking business commencement license after the bank fulfills the stipulated conditions. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Reserve Bank of India has granted in-principle approval to Emirates NBD Bank PJSC for setting up a wholly owned subsidiary (WOS) in NBD Bank PJSC currently operates in the country in branch mode. The bank has branches in Chennai, Gurugram and subsidiary model offers greater operational flexibility for foreign banks operating in India than doing business here through branch in-principle approval will allow the bank set up the subsidiary through conversion of its existing bank is present in India since November minimum start-up capital requirement for a WOS would be Rs 300 crore and the subsidiary will be required to maintain a capital adequacy ratio of 10 per parent bank will be allowed to hold 100 per cent equity in the Indian subsidiary for a minimum prescribed period of operation. RBI said that Emirates NBD Bank PJSC has fulfilled the regulatory mandates for receiving the in-principle approval. The subsidiary model ensures better regulatory also says that foreign banks applying for setting up a WOS in India must be subject to adequate prudential supervision in their home in Dubai, it is UAE's second-largest has also considered the bank's financial strength as well as the bilateral economic and political relations between India and UAE before granting the approval.
