New Delhi, May 20 -- 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 Regulati...