Key Announcement
- RBI has granted in-principle approval to Emirates NBD to convert its Indian branches into a Wholly Owned Subsidiary (WOS).
- Existing Branches: Mumbai, Gurugram, and Chennai.
About the WOS Framework
- Introduced by: RBI in 2013.
- Purpose: To localise foreign bank operations in India and ensure better regulatory oversight.
- Requirements:
- Minimum capital: ₹500 crore
- Basel III compliance from inception
- Must follow stringent governance, localisation, and prudential norms
Significance for Emirates NBD
- Gains operational autonomy, ability to expand branch network, and access local market resources.
- Ensures closer supervision by RBI under Indian banking regulations.
- Will facilitate deeper engagement in Indian sectors like:
- Petrochemicals
- Pharmaceuticals
- Information Technology
- Financial Services
Bank Profile: Emirates NBD
- Headquarters: Dubai, UAE
- Global Assets: $272 billion (as of March 2025)
- Customer Base: 9 million+
- Known for supporting cross-border trade and corporate finance between India and the Gulf region.
WOS in India: Current Landscape
- Operational WOS Banks:
- DBS Bank (Singapore)
- SBM Bank (Mauritius)
- FirstRand Bank (South Africa): Had WOS plans but exited Indian banking in 2021.
