The Reserve Bank on Friday said it has sanctioned the scheme of amalgamation of Indian branches of Emirates NBD Bank (P.J.S.C.) with RBL Bank.
The effective date of the amalgamation will be December 1, 2026, the Reserve Bank of India (RBI) said in a statement.
"All the Indian branches of Emirates NBD Bank P.J.S.C. will function as branches of <a href="https://www.mid-day.com/business/business-news/article/rbl-bank-receives-show-cause-notice-with-gst-demand-of-over-rs-173-crore-23652654" target="_blank" rel="none noopener">RBL Bank Limited</a> with effect from December 01, 2026," it 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 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.
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