Banking · Foreign Bank Regulations
With reference to Emirates NBD Bank's approval for setting up a Wholly Owned Subsidiary (WOS) in India, consider the following statements: 1. RBI has granted in-principle approval to Emirates NBD Bank PJSC to convert its existing branches into a Wholly Owned Subsidiary (WOS). 2. The bank currently operates in India through branches in Chennai, Gurugram, and Mumbai. 3. A banking license under the Banking Regulation Act, 1949 will be issued after the WOS fulfills all compliance conditions. 4. The WOS approval exempts the bank from all statutory and capital requirements applicable to domestic banks. 5. The move aligns with RBI's broader policy of ensuring local governance and regulatory alignment for foreign banks. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 11, 3, and 5 only
- 21, 2, 3, and 5 only✓
- 32, 3, and 4 only
- 41, 2, and 3 only
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1, 2, 3, and 5 only
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