Mumbai, Oct 16 (IANS) The Reserve Bank of India (RBI) announced on Friday that it has approved the scheme of amalgamation of the Indian branches of Emirates NBD Bank P.J.S.C. with RBL Bank.
The effective date of the amalgamation will be December 1, 2026, according to the RBI statement.
“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 May, the Finance Ministry had granted approval to the Dubai-based Emirates NBD Bank P.J.S.C. for the acquisition of up to a 74 per cent stake in RBL Bank.
In June 2026, Emirates NBD completed the acquisition of a majority stake in RBL Bank through a capital infusion of around Rs 26,000 crore in a deal which was seen as one of the largest foreign direct investments in the Indian banking sector.
Emirates NBD now holds 60 per cent of the expanded share capital of RBL Bank. The board has approved the appointment of five nominee directors of Emirates NBD as additional non-executive, non-independent directors on the bank’s board, effective June 18, 2026, subject to shareholder approval.
The transaction, which was first announced in October 2025, was completed after receiving all regulatory approvals and satisfying closing conditions. The deal constitutes the largest foreign direct investment in the Indian banking sector.
The deal involved the integration of Emirates NBD’s three Indian branches – in Mumbai, Chennai, and Gurugram – with RBL Bank, subject to regulatory approvals. The Competition Commission of India approved the proposed combination in January this year, while the necessary regulatory and government approvals for the broader transaction were secured by May.
In 2016, Emirates NBD received the approval of the RBI for opening the maiden bank branch in Mumbai. Emirates NBD commenced its operations in India in July 2017. The bank later launched two additional branches in Gurugram and Chennai. It had maintained a representative office in India since March 2000.
–IANS
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