RBL Bank has confirmed that Emirates NBD can maintain at least 51% stake under new shareholding rules, providing important clarity on the ownership structure compliance with updated regulatory requirements.

Shareholding Structure Confirmation

The bank's confirmation addresses the regulatory framework governing foreign ownership in Indian banking institutions. This clarification ensures that Emirates NBD's controlling interest remains compliant with the revised shareholding norms.

Regulatory Compliance

The confirmation comes as part of the bank's adherence to updated shareholding regulations in the Indian banking sector. RBL Bank's statement provides certainty regarding the ownership structure and ensures continued compliance with regulatory requirements.

This development maintains the existing ownership framework while aligning with the new regulatory guidelines, ensuring operational continuity for the banking institution.

RBL Bank has announced a major leadership transition with Executive Director Rajeev Ahuja set to retire upon completion of his current term on February 21. The 62-year-old executive's departure marks the end of a significant tenure that has spanned over a decade with the private sector lender.

New Executive Director Appointment

The Reserve Bank of India has granted approval for the appointment of Jaideep Iyer as the new executive director for a three-year term beginning February 21. Iyer, who currently serves as the head of strategy at RBL Bank, will step into the role subject to shareholder approval.

Rajeev Ahuja's Legacy

Ahuja has been instrumental in the bank's evolution, playing a pivotal role in its transformation from Ratnakar Bank to RBL Bank. As part of the management team since 2010, he has overseen several critical initiatives that have shaped the bank's current structure.

Key contributions during his tenure include:

• Multiple capital-raising exercises
• Development of new strategic partnerships
• Leading investor relations initiatives
• Guiding the bank through its rebranding and transformation phase

Additional Leadership Changes

The bank's board has also approved the appointment of Deepak Ruiya as interim chief financial officer, effective December 30. This appointment will remain in place until a permanent CFO is selected.

Digital Banking Leadership Exit

In a separate development, Pushpendra Sharma, who headed the digital banking unit, resigned and was relieved from his duties on December 29. The bank noted that his portfolio had been integrated under the technology function in November 2024. RBL Bank has expressed confidence in its leadership depth to manage the responsibilities previously handled by Sharma.

Emirates NBD Investment Proposal Faces Regulatory Hurdle

RBL Bank has provided an update on the proposed investment by Emirates NBD Bank through a preferential issue of equity shares. The bank disclosed that applications made to the Reserve Bank of India and Government of India for temporarily capping foreign shareholding at 24.00% of total equity instruments have not been presently acceded to under extant rules and regulations.

The bank and Emirates NBD continue to engage with the Government of India and Reserve Bank of India for requisite regulatory approvals. According to the latest shareholding pattern, the investor has sufficient foreign shareholding headroom to hold a minimum of 51.00% in the bank.

Both parties remain actively engaged in fulfilling conditions precedent to complete the proposed transaction, subject to receipt of regulatory approvals and satisfaction of other conditions as per the investment agreement executed on October 18, 2025.

These leadership transitions and strategic developments come at a time when the bank continues to focus on strengthening its operational capabilities and strategic direction in the competitive private banking sector.