New Delhi [India], October 16 (ANI): The Reserve Bank of India (RBI) has approved the amalgamation of the Indian branches of Emirates NBD Bank P.J.S.C. with RBL Bank Limited, with the merger set to take effect from December 1, 2026.

In an official statement on Friday, the RBI said following the amalgamation, all Indian branches of Emirates NBD Bank will function as branches of RBL Bank.

RBI said, "The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Indian branches of Emirates NBD Bank P.J.S.C. (Transferor Bank) with RBL Bank Limited (Transferee Bank)... The effective date of the amalgamation shall be December 01, 2026".

The development follows Emirates NBD's acquisition of a majority stake in RBL Bank, which was completed on June 18, 2026, through a primary capital infusion of approximately USD 2.75 billion, or around Rs 26,000 crore.

The transaction was first announced in October 2025 and was completed after receiving all regulatory approvals and fulfilling the required closing conditions, according to a joint statement issued by the companies.

Following the preferential allotment of shares and completion of the mandatory open offer, Emirates NBD acquired a 60 per cent stake in RBL Bank's expanded share capital.

The transaction was described as the largest foreign direct investment in India's banking sector, the largest equity fundraise by an Indian bank, and the first acquisition of a majority stake in a profitable Indian bank by a foreign bank.

The investment was expected to strengthen RBL Bank's balance sheet, improve its capital adequacy and support its long-term growth plans.

The RBI's latest approval marks a further step in bringing Emirates NBD's Indian branch operations under RBL Bank. From the effective date, these branches will operate as part of RBL Bank's branch network.

The amalgamation has been sanctioned under the provisions of the Banking Regulation Act, 1949, with December 1, 2026, specified as the effective date.

The RBI statement did not provide further details on changes to customer services or other operational arrangements following the amalgamation.

The share price of RBL Bank closed with a gain of 1.10 per cent to Rs 378.25/share at the national stock exchange. (ANI)