RBI approves merger of Emirates NBD’s India branches with RBL Bank

The () on Friday approved the merger of the Indian branches of Dubai-based (P.J.S.C.) with . The amalgamation will take effect from December 1, 2026, the central bank said in a press release dated October 16.

“All the Indian branches of Emirates NBD Bank P.J.S.C. will function as branches of RBL Bank Limited with effect from December 01, 2026,” it said.

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In May, the Finance Ministry had approved Emirates NBD Bank’s acquisition of up to a 74% stake in RBL Bank.

The approval follows Emirates NBD’s acquisition of a 60% stake in RBL Bank’s expanded share capital, completed on June 18, 2026, through a primary capital infusion of about $2.75 billion, or around Rs 26,000 crore.

The transaction, first announced in October 2025, was completed after the companies received regulatory approvals and fulfilled the required closing conditions. The merger is one of the largest foreign investments in India’s banking sector.

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Emirates NBD acquired the stake through a preferential share allotment of 929.1 million fully paid-up equity shares of RBL Bank at Rs 280 per share, aggregating to about Rs 26,016 crore.

Emirates NBD received RBI approval to open its first Indian branch in Mumbai in 2016 and began operations in July 2017. It later opened two more branches in Gurugram and Chennai.

The bank has maintained a representative office in India since March 2000.

The latest approval brings Emirates NBD’s Indian branch operations under RBL Bank’s network. The RBI statement did not specify whether the amalgamation would lead to changes in customer services or other operational arrangements.

RBL Bank shares closed 1.10% higher at Rs 378.25 on the National Stock Exchange on Friday.