The Reserve Bank of India (RBI), has given approval to the merger of IndusInd Bank with Bharat Financial Inclusion Limited (BFIL).
In a filing to the BSE the bank said that, the RBI has, vide its letter dated March 13, 2018, conveyed its no objection for the volunatry amalgamation of BFIL with the Bank, subject to compliabce with certain terms and conditions.
This amalgamation is further, subject to the approval from the stock exchanges, Sebi, the National Company Law Tribunal, the respective shareholders and creditors of BFIL and the bank and other statutory and regulatory approvals.
Furthermore, the merger will come into effect via an all-stock transaction of BFIL into Indusind via a Composite Scheme of Arrangement. Post merger, the new entity will have 4,000 branches and outlets and 16 million customers.
