In a business setting an embrace is never appropriate (unless you’re in super-rich/fashion/glamor circles)
In an urban+social setting an embrace might be acceptable if you know the woman reasonably well, and you happen to hang out in “embracing” circles.
In an urban setting, a handshake would be fine in most cases. More so in business settings than social settings.
As the setting becomes more rural, you’ll be better off with a “namaste”.
When in doubt, stick with the namaste or handshake.