Emirates NBD Bank has received approval from fair trade regulator Competition Commission of India (CCI) for its proposal to acquire a majority stake in private sector lender RBL Bank Ltd.

Last year in October, Emirates NBD Bank and RBL Bank's boards had cleared entering into definitive agreements for a stake purchase deal through a primary infusion of approximately $3 billion (Rs 26,850 crore).

"Commission approves the proposed acquisition of certain shareholding in RBL Bank Limited by Emirates NBD Bank (P.J.S.C.)," CCI said in a post on X.

Dubai-headquartered Emirates NBD is a leading banking group and is active in several countries, including India, while RBL Bank Ltd provides banking, financial and insurance services.

RBL also has an IFSC Banking Unit (IBU) in GIFT City, which functions as an overseas branch.