Mumbai, October 27, 2025:
RBL Bank has come under regulatory and investor scrutiny after media reports surfaced suggesting the bank is in advanced discussions with Zerodha, one of India’s leading stockbroking firms, to onboard nearly 160 million clients under a unified banking, demat, and trading partnership model.
Following the report, the stock exchange issued a notice on Monday, stating that it had sought clarification from RBL Bank Limited “with reference to the news item captioned ‘RBL in talks to onboard 160 million Zerodha clients’.” The exchange confirmed that a response from the company is awaited.
The news article in question claimed that the proposed collaboration would enable RBL Bank to integrate its banking services with Zerodha’s trading platform—allowing customers to open 3-in-1 accounts combining savings, demat, and trading functionalities.
If confirmed, such a partnership could represent one of the largest customer acquisitions in India’s financial sector. It would significantly expand RBL Bank’s digital banking footprint and potentially boost its low-cost deposit base, aligning with its retail growth strategy.
Market Reaction and Concerns
Despite the excitement around the reported partnership, several analysts and investors have expressed doubts about the 160 million client figure, calling it “inflated” and “unlikely.” Zerodha’s own reported user base is estimated to be around 12–15 million, far below the number mentioned in the reports.
Market participants on financial forums such as TradingQnA have raised questions about how such a large-scale onboarding could occur without customer consent and whether the claim is based on misinterpreted data or an early-stage discussion.
The exchange’s clarification notice reflects its intent to ensure transparency and prevent misinformation from influencing market sentiment. RBL Bank shares were reported to have seen heightened trading activity following the news item’s publication.
Awaiting Official Statement
As of now, neither RBL Bank nor Zerodha has issued an official statement confirming or denying the reported talks. The exchange has reminded listed entities that any partnership discussions likely to impact share prices must be disclosed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
RBL Bank’s response is expected to clarify the nature of its engagement with Zerodha, if any, and whether the partnership involves technology collaboration, account integration, or customer migration.
Potential Implications
If the collaboration materializes, RBL Bank could benefit from access to millions of tech-savvy retail investors, enhancing its cross-selling capabilities for loans, credit cards, and digital products. However, without confirmation, the market remains cautious.
Analysts note that while fintech–bank partnerships have become increasingly common, the scale mentioned in this case makes it “one of the most ambitious tie-ups ever reported in the Indian financial ecosystem.”
Conclusion:
Until an official clarification is issued, the reported partnership between RBL Bank and Zerodha remains speculative. The exchange’s intervention underscores the need for transparency in financial reporting, particularly when unverified news has the potential to impact share prices and investor sentiment.