RBI sanctions amalgamation of Emirates NBD's Indian branches into RBL Bank

The Reserve Bank of India has sanctioned a Scheme of Amalgamation under which the Indian branches of Emirates NBD Bank P.J.S.C. will merge into RBL Bank Limited, with effect from 1 December 2026. From that date, all of Emirates NBD's Indian branches will function as branches of RBL Bank, and customers, deposits and other banking relationships at those branches will accordingly come under RBL Bank. The Reserve Bank exercised its power under sub-section (4) of Section 44A of the Banking Regulation Act, 1949, which allows it to sanction a scheme for the amalgamation of banking companies after the companies concerned have approved the scheme by the required majority of shareholders.

Section 44A sets out the statutory procedure for voluntary amalgamation of banks — distinct from the Reserve Bank's separate powers to impose a moratorium or reconstruction on a failing bank — and makes the Reserve Bank's sanction a necessary condition before such a scheme can take effect. The announcement affects the rights of depositors and other customers of Emirates NBD's Indian operations, who will become customers of RBL Bank by operation of the sanctioned scheme rather than through any fresh transaction on their part.