RBL Bank
Also a provider — view RBL Bank’s profile →“Can a mid-tier Indian private bank scale by embedding itself as the banking rail behind India's largest consumer fintechs (Bajaj, Razorpay, MobiKwik) rather than through branch expansion?”
Founded1943
HQMumbai, Maharashtra, India
IndustryBank / National
The story
Founded 1943 in Maharashtra as Ratnakar Bank, a small regional bank. Rebranded to RBL Bank in 2014 and pivoted into a national private-sector bank focused on retail liabilities, credit cards, MSME/business banking and transaction banking. Built one of India's largest fintech-partnered credit card portfolios (notably Bajaj Finserv co-brand) and API banking / co-branded card partnerships (RazorpayX). In 2026, Emirates NBD acquired a 60% controlling stake, moving RBL into a GCC-owned subsidiary structure.
Last 12 months
Product timeline
1943
Founded as Ratnakar Bank Limited, a regional bank in Maharashtra· founding
2014
Rebranded from Ratnakar Bank to RBL Bank· pivot
2016
IPO on BSE and NSE (ticker RBLBANK)· ipo
2026
Emirates NBD acquired a 60% stake in RBL Bank· acquisition
Regulated entities
1
regulatory licence held by RBL Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in RBL Bank’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting gap: none
27 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.