Dubai: Amid growing business ties between India and UAE, the Reserve Bank of India has granted permission to Emirates NBD, the government-owned bank of UAE, to open two more branches in India, visiting trade minister Piyush Goyal informed the 9th meeting of the High Level Joint Task Force on Investments held in Dubai.
"Payment of one company was held up. That has been resolved," Goyal told reporters.
Emirates NBD has maintained a representative office in India since 2000 and got permission from RBI to open its first bank branch in Mumbai in 2017.
Among other countries, the group has operations in UAE, Egypt, Turkey, Saudi Arabia, Singapore, Austria, Germany.
Goyal said the task force had resolved many outstanding issues including granting income tax break to subsidiaries of sovereign wealth funds and looks forward to exploring new opportunities for collaboration.
The task force also discussed revising the existing bilateral investment treaty. "Both sides have held several rounds of discussion and talks will be fast-tracked," he added.
Goyal said UAE government has invited prime minister Narendra Modi to visit the country during the next six months of the Dubai Expo 2020 where India has opened a pavilion. "PM Modi may agree to visit UAE in next six months," Goyal said.
The writer is in Dubai at the invitation of industry body Ficci.
