Current Affairs · Banking Sector Regulations
Which of the following statements is/are correct regarding the operational landscape after RBI granted 'In-Principle' approval to Emirates NBD Bank PJSC for setting up a Wholly Owned Subsidiary (WOS) in India? (1) Emirates NBD Bank currently operates through its foundational branches in Chennai, Gurugram, and Mumbai in India. (2) Final approval requires Emirates NBD to submit necessary documentation including clear regulatory clearances from its home country authority. (3) The new WOS structure will be completely exempted from India's overarching Banking Regulation Act, 1949. (4) Emirates NBD can legally continue running its retail business under both a branch framework and a WOS framework indefinitely.
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