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India central bank gives Emirates NBD 'in-principle' nod to set up local unit

2 months ago 7

A antheral rides a bicycle past Emirates NBD caput bureau successful Dubai

May 19 (Reuters) - The Reserve Bank of India has fixed "in-principle" support to Emirates NBD Bank PJSC

(ENBD.DU), opens caller tab

to acceptable up a wholly owned portion successful India, the cardinal slope said connected Monday.

Emirates NBD, Dubai's biggest slope by assets, presently operates successful India done branches located successful Chennai, Gurugram and Mumbai. RBI's support volition let the slope to acceptable up a portion by converting its existing branches successful India.

Setting up a wholly owned portion ring-fences a overseas bank's section operations and allows the portion to beryllium treated connected par with section banks.

Reuters reported past twelvemonth that the RBI had approved Emirates NBD, among different lenders, arsenic bidders for a bulk involvement successful state-run IDBI Bank

(IDBI.NS), opens caller tab

Reporting by Chris Thomas successful Bengaluru, Ira Dugal successful Mumbai; Editing by Shinjini Ganguli

Our Standards: The Thomson Reuters Trust Principles., opens caller tab

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