The Reserve Bank of India (RBI) has approved the amalgamation of Emirates NBD Bank P.J.S.C.’s Indian branches with RBL Bank Ltd, with the merger set to take effect from 1 December 2026. From that date, all Indian branches of Emirates NBD will function as branches of RBL Bank, according to RBI’s announcement on 16 October.
The approval marks a key step in Emirates NBD’s expansion in India following its acquisition of a majority stake in RBL Bank in June 2026. Here are five key things to know about the merger.
1. RBI sets December 1 as the effective date
RBI has sanctioned the scheme of amalgamation of Emirates NBD Bank P.J.S.C.’s Indian branches, referred to as the transferor bank, with RBL Bank Ltd, the transferee bank.
The approval was granted under Section 44A(4) of the Banking Regulation Act, 1949. RBI has specified 1 December 2026 as the effective date of the amalgamation.
The decision clears the way for Emirates NBD’s Indian branch operations to be consolidated under RBL Bank. The amalgamation is part of the broader transaction announced by the two banks in October 2025.
2. Emirates NBD completed a ₹26,000 crore investment in RBL Bank
Emirates NBD completed its acquisition of a majority stake in RBL Bank on 18 June 2026 through a primary capital infusion of approximately $2.75 billion, or ₹26,000 crore. The investment gave the UAE-based banking group a 60% stake in RBL Bank’s expanded share capital.
The transaction was first announced on 18 October 2025. Under the agreement, Emirates NBD subscribed to newly issued shares through a preferential allotment. The deal was completed after the required regulatory approvals and closing conditions were satisfied.
The acquisition and branch amalgamation are separate stages of the transaction. While the investment was completed in June, the merger of Emirates NBD’s Indian branches will take effect in December.
3. Three Indian branches will become part of RBL Bank
Emirates NBD operates in India through three branches located in Mumbai, Chennai and Gurugram. The Competition Commission of India (CCI), in its announcement dated 20 January 2026, confirmed that the proposed combination included the amalgamation of these branches with RBL Bank on a going-concern basis.
RBI’s latest approval confirms that all Indian branches of Emirates NBD will function as RBL Bank branches from 1 December.
The arrangement will bring Emirates NBD’s Indian branch operations under RBL Bank, an Indian-incorporated and listed private sector lender. Emirates NBD will remain the controlling shareholder following the acquisition of its majority stake.
4. Deal is the largest foreign investment in Indian banking
Emirates NBD and RBL Bank described the transaction as the largest foreign direct investment in the Indian banking sector and the largest equity fundraise in the sector. They also said it marked the first acquisition of a majority in a profitable Indian bank by a foreign bank.
The investment provides RBL Bank with additional capital to support its growth plans, while giving Emirates NBD a controlling presence in India. The banks said the transaction would bring together Emirates NBD’s regional banking expertise and network with RBL Bank’s established domestic franchise.
5. CCI approval preceded the RBI’s latest decision
The CCI approved the proposed combination on 20 January 2026. Its announcement covered Emirates NBD’s proposed acquisition of a stake of between 51% and 74% in RBL Bank through a preferential allotment and mandatory open offer, along with the amalgamation of Emirates NBD’s Indian banking operations with RBL Bank.
On 15 May 2026, RBL Bank announced that it had received the required regulatory and governmental approvals for the . The acquisition was subsequently completed in June.
RBI’s approval on 16 October is the latest milestone in the process, setting 1 December 2026 as the effective date for the branch amalgamation.