The Reserve Bank of India has approved the amalgamation of Emirates NBD’s Indian branches with RBL Bank, the Indian lender in which the Dubai bank holds a 60% stake, with effect from December 1, 2026, the central bank said on Friday, October 16.
All Indian branches of Emirates NBD Bank P.J.S.C. will function as branches of RBL Bank from that date, the RBI said. The scheme was sanctioned under Section 44A(4) of India’s Banking Regulation Act, 1949.
Emirates NBD has three branches in India, in Mumbai, Gurugram and Chennai, The Hindu BusinessLine reported.
Emirates NBD completed its acquisition of a majority stake in RBL Bank on June 18 through a primary infusion of about $2.75 billion, or about 260 billion Indian rupees, the two banks said at the time. The deal left Emirates NBD with 60% of RBL Bank’s expanded share capital.
The banks described the transaction, first announced on October 18, 2025, as the largest foreign direct investment in the Indian banking sector. They said it was also the first acquisition of a majority interest in a profitable Indian bank by a foreign bank.
The investment was made through a preferential issue of shares. Emirates NBD also completed a mandatory open offer to RBL Bank’s public shareholders.
The branch merger is a separate stage of the transaction. India’s competition regulator approved the combination, including the amalgamation of Emirates NBD’s Indian branches with RBL Bank, on January 20, 2026, Mint reported.
RBL Bank had 628 branches and 14,222 employees serving more than 15 million customers at the end of September, according to Mint. Emirates NBD’s Indian operations had around 30 employees, the newspaper said.
The RBI announcement came after Indian market hours on Friday. RBL Bank shares ended the session 1.1% higher, Mint reported.
The Dubai government holds about 56% of Emirates NBD through Investment Corporation of Dubai and Dubai Holding, according to Mint. The bank is listed on the Dubai Financial Market.
