RBI approves merger of Emirates NBD’s India branches with RBL Bank from December 1

The Reserve Bank of India (RBI) has approved the merger of all three Indian branches of Dubai-based Emirates NBD Bank with RBL Bank, with the branches set to operate under the Indian lender from December 1, 2026.

In a notification dated October 16, the central bank said it had sanctioned the merger under Section 44A(4) of the Banking Regulation Act, 1949.

The approval is part of a broader deal under which Emirates NBD is acquiring a majority stake in RBL Bank, one of India’s private sector lenders.

Emirates NBD announced the proposed acquisition of a 60% stake in RBL Bank for around $3 billion in October 2025. The transaction also included the merger of Emirates NBD’s Indian banking operations with RBL Bank.

In January, the Competition Commission of India (CCI) approved the proposed deal, which included a preferential allotment of shares giving Emirates NBD up to 60% of RBL Bank’s paid-up equity capital, an open offer to acquire up to 26% of its expanded voting capital, and the merger of the Dubai-based lender’s three Indian branches with RBL Bank.

In April, the RBI approved Emirates NBD’s proposal to acquire up to 74% of RBL Bank’s share capital, subject to the condition that it maintain a minimum stake of 51%. The central bank also capped Emirates NBD’s voting rights in RBL Bank at 26%.

On May 15, RBL Bank said the regulatory and government approval process for the proposed investment had been completed. The deal involves a primary capital infusion of around $3 billion (₹26,850 crore), which the bank described as one of the largest international investments in India’s banking sector.

With the latest approval, Emirates NBD’s three Indian branches will become part of RBL Bank’s branch network from December 1, 2026.

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