UAE-India banking partnership reflects rise of Indian economy: Maharashtra CM Devendra Fadnavis
Mumbai, June 19
Maharashtra Chief Minister Devendra Fadnavis said that the confidence of global investors in the Indian economy is steadily increasing, and the banks from the UAE and India are entering into strategic banking partnerships.
The banking partnership programme between Emirates NBD (National Bank of Dubai) of the UAE and Mumbai-based RBL Bank (Ratnakar Bank Limited) was held at Hotel Taj Palace, Colaba, in the presence of Chief Minister Devendra Fadnavis.
Union Finance Minister Nirmala Sitharaman joined the programme through video conferencing. RBL Bank Director Chandan Sinha, Chief Executive Officer R Subramaniakumar, Union Finance Secretary Sanjay Lohiya, Emirates NBD Vice Chairman and Managing Director Hesham Abdulla Al Qassim, and Group Chief Executive Officer Shayne Nelson were also present at the event.
Chief Minister Fadnavis said that under the leadership of Prime Minister Narendra Modi, India has emerged as the fastest-growing major economy in the world. Maharashtra has a significant contribution to this growth.
Nearly 40 per cent of the country's foreign direct investment comes to Maharashtra. The state offers immense investment opportunities. Projects such as the Samruddhi Expressway, major infrastructure developments in Mumbai, and a strong transport and connectivity network have placed Maharashtra at the forefront of the country's development story.
He said that RBL Bank, which began its journey in Maharashtra, has now expanded its operations globally. This growth reflects the strength of India's economy. Today's historic partnership has become one of the finest examples of foreign investment in India. This programme is not merely about the exchange of documents but about creating history.
The Chief Minister added that India-UAE relations have grown stronger under the leadership of PM Modi. Today's banking partnership is a reflection of those deepening ties. Several leading international banks are now keen to partner with Indian banks, which will undoubtedly help further strengthen and develop India's economy.
Chief Minister Fadnavis also noted that RBL Bank is one of the state's major partners in Corporate Social Responsibility (CSR) initiatives. Through its CSR funds, the bank has been contributing to social transformation across rural Maharashtra and other sectors of society.
Emirates NBD Vice Chairman Hesham Abdulla Al Qassim said that the partnership would further strengthen trade between the UAE and India. It would encourage Indian entrepreneurs to invest in the UAE, while also having a positive impact on the banking systems of both countries.
Reviewing the bank's progress, Emirates NBD Group Chief Executive Officer Shayne Nelson said that India is the world's fastest-growing economy with a rapidly expanding market and a vast customer base. Through its partnership with RBL Bank, Emirates NBD will expand its operations in India and contribute more effectively to the country's financial services sector. He added that the UAE would play a meaningful role in India's growth story through this partnership.
The introductory address was delivered by RBL Bank Executive Director Jaydeep Iyer, who outlined the objectives of the partnership between the two banks. RBL Bank Chief Executive Officer R. Subramaniakumar also reviewed the bank's performance. During the programme, Emirates NBD presented an investment cheque to RBL Bank. Senior officials from both RBL Bank and Emirates NBD attended the event.
— ANI
Reader Comments
Great to see RBL Bank, which started in Maharashtra, now partnering with a major UAE bank. But I hope this partnership also benefits small businesses and rural areas, not just big corporates. CSR initiatives mentioned are a good start, but need more focus on real impact.
As an international observer, this is impressive. India's economic rise is undeniable, and partnerships like these show confidence from Gulf nations. The fact that Emirates NBD is investing directly speaks volumes about India's stable banking sector. Good move!
Honestly, these headline events are good for optics, but what about the common man? Banking partnerships sound fancy, but inflation and unemployment are still issues. Hope this leads to more jobs and better services, not just a photo op at Taj Palace. 🤔
CM Fadnavis is right – India is rising, and Maharashtra is leading the charge! RBL Bank's growth from a small bank to global partnership is inspiring. This will boost NRI investments too. Proud moment for all Maharashtrians! 😊
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