MUMBAI — The Reserve Bank of India (RBI) has approved the merger of Emirates NBD Bank’s Indian branches with RBL Bank, clearing the way for the integration to take effect on December 1, 2026.
Under the approved merger plan, all three Indian branches of Dubai-based Emirates NBD will become part of RBL Bank, the central bank announced Friday.
“All the Indian branches of Emirates NBD Bank P.J.S.C. will function as branches of RBL Bank Limited with effect from December 1, 2026,” the RBI said in a statement.
The approval marks another milestone in Emirates NBD’s expansion into India’s banking market following its multibillion-dollar investment in RBL Bank earlier this year.
In May, India’s Finance Ministry authorized Emirates NBD to acquire up to a 74% stake in RBL Bank. The Dubai-based lender subsequently completed the acquisition of a controlling interest in June through a capital infusion of approximately 260 billion rupees ($2.6 billion at an exchange rate of 100 rupees per dollar).
The transaction, first announced in October 2025, represents the largest foreign direct investment in India’s banking sector.
Following the investment, Emirates NBD holds 60% of RBL Bank’s expanded share capital. RBL Bank’s board also approved the appointment of five Emirates NBD representatives as additional non-executive, non-independent directors, effective June 18, subject to shareholder approval.
The broader transaction received regulatory clearance after several months of review. The Competition Commission of India approved the proposed combination in January 2026, while the remaining government and regulatory approvals were secured by May.
The merger includes Emirates NBD’s branches in Mumbai, Chennai and Gurugram, which will now operate under RBL Bank.
Emirates NBD has maintained a presence in India for more than two decades, initially establishing a representative office in March 2000.
The bank received RBI approval to open its first Indian branch in Mumbai in 2016 and began banking operations in the country in July 2017. It subsequently expanded its network with branches in Gurugram and Chennai.
The December integration will bring those operations under RBL Bank as Emirates NBD strengthens its position in India’s banking industry. (Source: IANS)
