RBI approves Emirates NBD merger with RBL Bank from December 1: 5 key things to know
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.
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.
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 RBL Bank 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.
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.
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 interest 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.
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 investment. 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.
Kirti jha
Kirti Jha is a Senior Content Producer at Mint, where she writes on mutual funds, taxation, personal finance and macroeconomic developments. Her reporting focuses on helping readers understand complex financial developments through data-driven, research-backed stories that explain how policy changes, market trends and regulatory decisions affect investors and households. <br><br> Before joining Mint, Kirti worked at ET Money, where she specialised in mutual fund research and investment analysis. She tracked portfolio disclosures, fund manager strategies, sectoral allocation shifts and investment trends, distilling large datasets into investor-focused insights. Her work combined quantitative analysis with consumer-centric storytelling, enabling readers to better understand fund positioning, portfolio changes and long-term investment opportunities.<br><br> Kirti holds a Bachelor's degree in Economics from Indraprastha College for Women, University of Delhi, and a Master's in Finance from the Jindal School of Banking & Finance at O.P. Jindal Global University. Her academic training emphasised analytical thinking, quantitative research and financial decision-making, providing a strong foundation in understanding capital markets, financial systems and economic policy. With a combined experience in investment research and financial journalism, she is committed to producing accurate, accessible and insightful journalism that empowers readers to make well-informed financial decisions.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
✕
Wait for it…
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.