India's Competition Commission of India (CCI) has granted approval for Emirates NBD's proposed acquisition of a stake in RBL Bank, a transaction that would represent a $3 billion foreign direct investment into the Indian private-sector lender. The CCI clearance was obtained in January 2026.
Emirates NBD is a Dubai-headquartered banking group. RBL Bank is a private-sector lender with operations across retail, business and wholesale banking in India.
CCI CLEARANCE
The CCI's decision removes one of the formal conditions the deal must satisfy before proceeding to close.
Emirates NBD already maintains a physical presence in India through its branch operations.
GOVERNMENT APPROVAL FOR FDI ABOVE 49% STILL AWAITED
Notwithstanding the CCI clearance, the transaction has not yet received all approvals necessary for completion. The Government of India's authorisation for foreign direct investment in excess of 49% in an Indian private-sector bank remains outstanding as a separate and additional regulatory condition. Under Indian banking and foreign investment regulations, FDI above that threshold triggers a distinct government-level review process that is independent of the CCI's competition review and of the Reserve Bank of India's prudential approval, which was also still pending, and Emirates NBD must obtain that governmental clearance before the transaction can be formally concluded.
With CCI clearance now secured, the transaction still requires Reserve Bank of India and Government of India approvals.