MUMBAI, Oct. 16 -- The Reserve Bank of India (RBI) has approved the merger of Emirates NBD Bank P.J.S.C.'s Indian branches with RBL Bank, effective 1 December, consolidating the two banks' Indian operations after the Dubai-based lender acquired a majority stake in the private sector bank earlier this year.

The approval brings Emirates NBD's three Indian branches under RBL Bank, following the completion of an over Rs.26,000 crore transaction that made the foreign lender the promoter of RBL Bank.

"RBI 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 central bank said in a release, adding that all Indian branches of Emirates NBD will funct...