The Reserve Bank of India has sanctioned the amalgamation of Emirates NBD’s Indian branches with RBL Bank, setting December 1, 2026 as the effective date — the final regulatory milestone in the largest foreign direct investment ever seen in India’s banking sector.
The RBI cleared the scheme under Section 44A(4) of the Banking Regulation Act, 1949. Under the approved arrangement, Emirates NBD’s Indian operations — the transferor bank — will merge with RBL Bank, the transferee bank, from December 1. The three Emirates NBD branches in Mumbai, Chennai and Gurugram will function as RBL Bank branches from that date.
A two-stage transaction
The branch amalgamation is the second stage of a transaction first announced in October 2025. Emirates NBD completed its acquisition of a 60 per cent stake in RBL Bank on June 18, 2026, through a primary capital infusion of approximately $2.75 billion, or Rs 26,000 crore — the largest equity fundraise in the Indian banking sector. The Competition Commission of India had approved the proposed combination on January 20, 2026, and RBL Bank confirmed on May 15 that all required regulatory and governmental approvals for the investment were in place.
The banks have said the investment gives RBL Bank additional capital to support its growth plans while giving Emirates NBD a controlling presence in India, combining the UAE banking group’s regional expertise with RBL Bank’s domestic franchise.
Sources: Business Today — Emirates NBD’s Indian branches to merge with RBL Bank from December 1
The RBI cleared the scheme under Section 44A(4) of the Banking Regulation Act, 1949. Under the approved arrangement, Emirates NBD’s Indian operations — the transferor bank — will merge with RBL Bank, the transferee bank, from December 1. The three Emirates NBD branches in Mumbai, Chennai and Gurugram will function as RBL Bank branches from that date.
A two-stage transaction
The branch amalgamation is the second stage of a transaction first announced in October 2025. Emirates NBD completed its acquisition of a 60 per cent stake in RBL Bank on June 18, 2026, through a primary capital infusion of approximately $2.75 billion, or Rs 26,000 crore — the largest equity fundraise in the Indian banking sector. The Competition Commission of India had approved the proposed combination on January 20, 2026, and RBL Bank confirmed on May 15 that all required regulatory and governmental approvals for the investment were in place.
The banks have said the investment gives RBL Bank additional capital to support its growth plans while giving Emirates NBD a controlling presence in India, combining the UAE banking group’s regional expertise with RBL Bank’s domestic franchise.
Sources: Business Today — Emirates NBD’s Indian branches to merge with RBL Bank from December 1
