The Reserve Bank of India has granted regulatory approval for Emirates NBD, the Dubai-headquartered banking group, to acquire up to 74% of RBL Bank, a Mumbai-based private sector lender. The RBI's approval, dated 1 April 2026, covers a preferential issue of about INR 26,853 crore (approximately $3 billion) at INR 280 per share for roughly 60%, followed by a mandatory open offer for up to a further 26%. The deal represents one of the largest foreign acquisitions of an Indian bank in recent history.
Under the RBI approval, RBL Bank will be classified as a foreign bank in subsidiary mode once the acquisition is completed.
EMIRATES NBD'S EXPANSION INTO INDIA
The RBI also allowed Emirates NBD to keep operating its existing Indian branches alongside RBL Bank for one year or until they are amalgamated.
The RBI's approval, valid for one year, caps Emirates NBD's voting rights at 26% and requires it to hold at least 51% of RBL Bank; the deal still needed Government of India and other approvals before completion.
OTHER CONDITIONS
The approval also requires RBL Bank to amend its Articles of Association, and remains subject to SEBI rules, FEMA provisions and the conditions of the investment agreement dated 18 October 2025; the Competition Commission of India cleared the deal in January 2026.