RBL Bank taps Emirates NBD network to expand NRI banking, Gulf business

Mumbai-based RBL Bank has announced plans to expand its non-resident Indian (NRI) banking and Gulf business operations by leveraging Emirates NBD's extensive global network. The private sector lender aims to secure more business for itself and its customers in India and the Gulf Cooperation Council (GCC) countries, targeting larger corporates, trade finance, and cross-border deals, according to R Subramaniakumar, RBL Bank's managing director and chief executive.

RBL Bank aims to integrate corporate lending, international trade, NRI banking, and remittances under one umbrella, capitalizing on Emirates NBD's overseas presence to access markets that were previously challenging to enter. Already, the partnership has enabled RBL Bank to mobilize $3.4 billion in foreign currency non-resident (FCNR-B) deposits under the Reserve Bank of India's special swap window, with loans totaling around ₹10,300 crore backed by these deposits.

Subramaniakumar envisions a "simple model of one customer, two nations, one relationship," where RBL Bank can support businesses operating across India and the GCC countries, while also catering to the needs of NRIs who already transact with Emirates NBD. By building an extensive proposition, RBL Bank plans to facilitate home banking for NRIs, enabling them to manage their financial requirements in India through their existing relationship with Emirates NBD.

The strategy could eventually extend beyond the Gulf, potentially reaching markets such as Singapore, Egypt, Turkey, and the UK, where Emirates NBD has a presence. The overseas network is expected to provide RBL Bank with access to relationships and transaction flows that would take considerable time and resources to establish via traditional means. Subramaniakumar believes that the synergy between the two banks will accelerate growth, which would otherwise be a challenging task.