Emirates NBD’s Indian branches to merge with RBL Bank from December 1

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 December 1, 2026.

According to the RBI’s announcement on October 16, all Indian branches of Emirates NBD will operate as branches of RBL Bank from the effective date. The approval marks a key milestone in Emirates NBD’s expansion in India following its acquisition of a majority stake in the Indian lender in June.

Here are five key things to know about the merger.

1. RBI sets December 1 as the effective date

The RBI has sanctioned the amalgamation under Section 44A(4) of the Banking Regulation Act, 1949. Under the approved scheme, Emirates NBD’s Indian branches, referred to as the transferor bank, will merge with RBL Bank, the transferee bank, from December 1, 2026.

The decision will consolidate Emirates NBD’s Indian branch operations under RBL Bank, following the broader transaction announced by the two lenders in October 2025.

2. Emirates NBD invested ₹26,000 crore in RBL Bank

Emirates NBD completed its acquisition of a majority stake in RBL Bank on June 18, 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 completed after the necessary regulatory approvals and closing conditions were satisfied.

The investment and branch amalgamation are separate stages of the transaction. While the capital infusion was completed in June, the merger of the Indian branches will take effect in December.

3. Three Indian branches will become part of RBL Bank

Emirates NBD operates in India through three branches located in Mumbai, Chennai and Gurugram.

The Competition Commission of India (CCI), in its announcement dated January 20, 2026, confirmed that the proposed combination included the amalgamation of these branches with RBL Bank on a going-concern basis.

From December 1, these operations will function as RBL Bank branches, bringing Emirates NBD’s Indian branch network under the Indian lender.

4. Deal marks a major foreign investment in Indian banking

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.

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 combine Emirates NBD’s regional banking expertise and network with RBL Bank’s established domestic franchise.

5. CCI approval preceded RBI’s decision

The CCI approved the proposed combination on January 20, 2026. The approval 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 its Indian banking operations.

RBL Bank announced on May 15 that it had received the required regulatory and governmental approvals for the investment. The acquisition was subsequently completed in June.

The RBI’s October 16 approval is the latest milestone, establishing December 1, 2026, as the effective date for the branch amalgamation.