India, April 4 -- The Reserve Bank of India (RBI) has accorded approval to Dubai-based Emirates NBD Bank to acquire up to a 74 per cent stake in RBL Bank, paving the way for the bank to become a foreign lender.

The approval from RBI came on April 1 with one year validity, RBL Bank said in a regulatory filing on Thursday. The approval follows Emirates NBD Bank, the second largest in UAE, expressing its interest in October 2025 to acquire a majority 60 per cent stake in RBL Bank for INR 26,853 crore.

As per the approval letter, the Emirates NBD (ENBD) would acquire and maintain a shareholding of at least 51 per cent of the paid-up share capital of the RBL Bank and the bank would be classified as a foreign bank in subsidiary mode, with the...