Yes Bank, India’s fifth largest private sector bank, has entered into a strategic partnership with Emirates NBD, a leading banking group in the UAE, for its Global Indian Banking (GIB) programme. With this strategic partnership, NRIs in the UAE can now avail loans from Emirates NBD (in AED) against their Non Resident External (NRE) FD/Foreign Currency (FCNR) Deposits with Yes Bank in India. The offering will also benefit NRI customers in the UAE to systematically invest in India through competitive loans from Emirates NBD and create long-term wealth back home in India.
The partnership with Emirates NBD will help in bolstering Yes Bank’s growing liability franchise and offer a comprehensive offering to the bank’s growing NRI client base. The NRE FD facility will also enable Emirates NBD’s NRI customers to continue to accumulate savings in the home country via fixed deposits, while gaining continued access to liquidity to set up businesses or buy property in the UAE.