RBL Bank Evaluates Broking and Mutual Fund Foray as Emirates NBD Unit

RBL Bank is evaluating a foray into broking and asset management as part of expanding its capital market activities, with no decision reached, managing director and chief executive R Subramaniakumar said on October 21. NDTV Profit reported the plans, which also include a proposed custodian and settlement services business.

RBL Bank's Broking and Asset Management Review

Subramaniakumar said activities such as an asset management company or mutual fund, and advisory businesses like retail and institutional broking, will have to sit outside the bank through specialized units. "All the plans are under evaluation," he told PTI, declining to share a timeline for when the plans will be firmed up. He said it is too premature to comment on whether the bank will acquire an existing player or build the business ground up, and that the Emirates NBD group's existing capital markets presence in India will be taken into consideration.

Business Standard reported that the bank's managing director said no decision has been reached and the activities will be handled through specialized units. Whalesbook reported that the bank is weighing entry into mutual funds and retail broking to boost fee-based revenue, with custodian and settlement services planned within nine months.

RBL Bank's Emirates NBD Ownership and Branch Network

RBL Bank operates as a 60%-owned Emirates NBD subsidiary following the group's completed acquisition of a controlling stake for approximately $2.75 billion, or Rs 26,000 crore, according to akta.pro company records. The same records describe the transaction as the largest FDI in India's banking sector and the first acquisition of a majority stake in a profitable Indian bank by a foreign bank. RBL Bank serves 15 million customers, and its network of 564 branches was cited in June 2026 acquisition documents, while other sources mention more than 600 branches.

RBL Bank's Gulf Banking and GST Notice

In October 2026, RBL Bank said it plans to leverage Emirates NBD's global network to expand NRI banking and Gulf business, targeting corporates and cross-border deals, The Economic Times reported. The partnership mobilized about $3.4 billion in FCNR-B deposits, against which RBL extended around ₹10,300 crore in loans. In September 2026, RBL Bank received a show cause notice from Maharashtra GST authorities proposing a demand of Rs 173.09 crore for FY2022-23, including interest and penalty, NDTV Profit reported.

RBL Bank's Branch Additions This Fiscal

Subramaniakumar said the bank opened 22 branches on October 19 to take its overall network to 650 branches, and it will add another 30 branches before the end of the fiscal. He said the custodian and settlement services business will take up to three quarters to get on the ground.