Public examples
The companies below appear in the sources as public examples of foreign investment into Indian financial services. Amounts are as reported by the press sources named in each row. Rupee figures are shown where the source gives them (₹1 crore = ₹10 million).
| Company | Home country | What | Where | Value | Date | Source |
|---|---|---|---|---|---|---|
| Bank of America | US | Agreed to acquire up to 49.9% of Jio Credit, the non-bank lending arm of Jio Financial Services, as joint venture partner | India (NBFC) | USD 1.92 bn (₹18,268 crore) | Aug 2026 | Reuters, 13 Aug 2026 |
| Meta Platforms | US | Announced investment in CRED, a members-only platform for consumers with high credit scores, valuing CRED at USD 4.5 bn | India (fintech) | USD 900 mn | Jun 2026 | Reuters, 13 Aug 2026; Business Standard, 18 Jun 2026 |
| MUFG | Japan | 20% of Shriram Finance (₹39,618 crore), the largest cross-border investment in India’s financial sector; agreed December 2025, completed 8 April 2026 | India (NBFC) | USD 4.4 bn | Dec 2025 | Reuters, 13 Aug 2026; Business Standard, 8 Apr 2026 |
| Emirates NBD | UAE | 60% of RBL Bank, a private lender, via new shares and an open offer; agreed October 2025, completed 18 June 2026. It intends to merge the branch network with its Indian subsidiary | India (private bank) | About USD 2.75 bn (₹26,000 crore) at completion; USD 3 bn as announced | Oct 2025 | Reuters, 13 Aug 2026; Business Standard, 18 Jun 2026 |
| International Holding Company | UAE | 43.5% of Sammaan Capital, a non-bank lender focused on housing loans | India (NBFC) | Close to USD 1 bn | Oct 2025 | Reuters, 13 Aug 2026 |
| Blackstone, via a Singapore affiliate | US | 9.9% of Federal Bank, a private bank | India (private bank) | USD 705 mn (₹6,197 crore) | Oct 2025 | Reuters, 13 Aug 2026 |
| SMBC | Japan | 20% of Yes Bank, bought from the Indian banks that rescued it in 2020; a further 4.99% in September 2025 | India (private bank) | USD 1.6 bn for 20% | May 2025 | Reuters, 13 Aug 2026 |
Completion dates for MUFG and Emirates NBD are from Business Standard (8 April and 18 June 2026). All of these press sources are secondary.
What the deals have in common
- Lenders with scale. Five of the seven deals are stakes in banks or NBFCs; the SMBC and Emirates NBD stakes are in private banks, where the FDI cap is 74% with government approval above 49%.
- Gulf and Japanese capital. Two UAE investors (Emirates NBD, International Holding Company) and two Japanese banks (MUFG, SMBC) account for four deals.
- Fintech valuations. Meta’s USD 900 mn in CRED is the one payments and fintech entry in the list; payment firms need RBI authorisation rather than an FDI cap check.
Context from the sector snapshot
Foreign M&A in India’s financial sector reached USD 11.7 bn in 2025 (Grant Thornton data, via Reuters). Scheduled commercial banks’ capital adequacy ratio was 17.2% in September 2025, and their gross NPA ratio had reached a multi-decadal low (Economic Survey 2025-26). Business Standard reported on 20 October 2025 that India’s financial sector had seen USD 8 bn in deals.
Note: A stake in a private bank counts portfolio investment by FPIs and NRIs within the 74% limit, and residents must hold at least 26% of paid-up capital at all times, except in a wholly owned subsidiary of a foreign bank.
What to check next
- Confirm the current cap and route for the target activity before modelling a stake size.
- Check whether an open offer or new share issue changes the approval route above 49% in a private bank.
- Screen the acquiring entity’s ownership chain for land-border beneficial owners.
- Verify completion status of any deal you cite; the table mixes agreed and completed transactions.