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RBI approves merger of AU Small Finance Bank and Fincare SFB, know details
Bank Merger AU Small Finance Bank and Fincare Small Finance Bank submitted a proposal to RBI in October 2023 last year for a bank merger. Now the Reserve Bank of India (RBI) has approved this merger. This merger will come into effect from April 1, 2024. In such a situation, the stocks of these two banks will also be merged.
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“RBI approves merger of AU Small Finance Bank and Fincare SFB, know details”
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sangritoday.com
5 Mar 2024
The Reserve Bank of India (RBI) has approved the all-stock merger of AU Small Finance Bank and Fincare Small Finance Bank. This merger will involve an all-stock merger worth US$530 million.
RBI has issued a press release for this. According to this press release, this merger will be effective from April 1, 2024. This means that all branches of Fincare SFB will function as branches of AU SFB from April 1.
The central bank said the merger plan is one of the first such steps in the relatively new SFB sector. The Bank has been approved to exercise of the powers contained in sub-section (4) of Section 44A of the Banking Regulation Act 1949.
