India’s central bank has given an “in-principle” approval to Emirates NBD Bank to set up a wholly owned subsidiary in India. The approval allows Emirates NBD to set up a wholly owned subsidiary by converting its existing branches in India.
The Dubai-listed lender currently offers banking services through branches in Chennai, Gurugram and Mumbai, the Reserve Bank of India (RBI) said in a statement.
The central bank introduced the wholly owned subsidiary framework in 2013 to facilitate foreign banks to localise operations. The framework allows these lenders to acquire stakes in private sector banks.
The Dubai-headquartered bank has had a presence in India since November 2017 by investing $100 million capital.
