20/05/2025 04:56 AST

The Reserve Bank of India (RBI) has given an in-principle approval to UAE's Emirates NBD Bank PJSC to set up a wholly owned subsidiary (WOS) in India.

Emirates NBD is currently conducting conducting 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 through conversion of its existing branches in India, the RBI said.

"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 regulator said.

Foreign banks in India
At present, foreign banks have presence in India only through branches.

According to the RBI, any foreign bank that wishes to set up a WOS in India should have the approval of the home country regulator/supervisor.

"A foreign bank applying for setting up a WOS in India must satisfy RBI that it is subject to adequate prudential supervision as per internationally accepted standards, which includes consolidated supervision in its home country," the RBI states.

What is a WOS?
The process of setting up a WOS involves creating separate legal entities, having their 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 also imparts clarity and certainty with respect to applicability of the laws of country of incorporation on the locally incorporated subsidiary.

A locally incorporated bank has its own board of directors and these directors are required to act in the best interests of the bank, to prevent the bank from carrying on business in a manner likely to create a risk of serious loss to the bank's creditors/depositors.

Moreover, local incorporation provides effective control to the local regulators.

Strong results
Emirates NBD's profit before tax was up 56 percent quarter-to-quarter growth to Dh7.8 billion for the first three months of 2025.

Net profit, too, was up 56 percent q-to-q to Dh6.2 billion. But on a year-to-year basis, Emirates NBD's net profit was down from the Dh6.7 billion for Q1-2024.

The Dubai bank's balance-sheet cleared the Dh1 trillion milestone, in large part helped by the 'impressive' loan and deposit growth.


Gulfnews

Emirates NBD closes $1bn finance deal for Dubai Metro Blue Line project

17/07/2025

Emirates NBD has concluded AED3.9 billion ($1.06 billion) Syndicated Bonding Facilities to a consortium created by MAPA, LIMAK and CRRC that will deliver the new Dubai Metro 'Blue Line' Project.

Trade Arabia

Emirates NBD pilots new AI compliance tech to reduce risks, improve payment speed

16/05/2025

Emirates NBD is rolling out a new AI-driven solution to strengthen its compliance checks on payments and trade transactions, as part of a wider effort to improve safety, speed, and transparency in fi

Gulfnews

Dubai's Emirates NBD clears Dh1 trillion balance-sheet milestone in Q1-2025

22/04/2025

Emirates NBD's profit before tax stirred up a sharp 56% quarter-to-quarter growth to Dh7.8 billion for the first three months of 2025. The key fundamentals - 'lending momentum, improvement in deposit

Gulfnews

Ticker Price Volume
EMIRATESNBD Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
IHC 400.10 -1.90 (-0.48%)
FAB 17.96 0.26 (1.46%)
ADCB 15.56 -0.04 (-0.26%)
ADIB 23.44 -0.16 (-0.68%)
DIB 9.77 -0.21 (-2.11%)
Doha Bank bolsters Tadbeer services to enhance payroll digital solutions for government entities

07/08/2025

Doha Bank is enhancing its digital payroll solutions for government entities through the expansion of its secured "Tadbeer" platform.

Designed to streamline salary upload services, the platf

Gulf Times

ADNOC ranked 6th most valuable global energy brand in Brand Finance Energy 100 report

07/08/2025

ADNOC has been ranked the sixth most valuable energy brand in the world, according to Brand Finance's 2025 Energy 100 report.

The company's brand is now valued at US$19 billion, a 25 percent

Gulfnews

Fakeeh group delivers 1H 2025 revenue of SR1.51 billion, up 13% year-on-year

07/08/2025

Dr Soliman Abdel Kader Fakeeh Hospital Company and its Subsidiaries ("Fakeeh Care Group", "FCG", "Fakeeh Care", the "Company" or the "Group"), a leading fully integrated academic healthcare provider

Saudi Gazette

UAE: Strong sales push Emaar's profit to Dh10.4 billion during first 6 months of 2025

07/08/2025

Emaar Properties on Wednesday announced net profit before tax increased to Dh10.4 billion in the first half of 2025, a growth of 34 per cent compared to the same period last year, driven by robust pe

Khaleej Times

Saudi Aramco lifts crude prices for Asian buyers

07/08/2025

Saudi Aramco has increased the official selling price of its flagship Arab Light crude for Asian buyers in September.

The state-owned energy giant raised the Arab Light price by $1 per barre

Arab News