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| Exchange Received Time 13/03/2018 21:27:47 Exchange Disseminated Time 13/03/2018 21:27:52 Time Taken 00:00:05 | No Objection by the Reserve Bank of India to the proposed Amalgamation of Bharat Financial Inclusion Limited (formerly known as 'SKS Microfinance Limited') with IndusInd Bank Limited
This is in relation to the Composite Scheme of Arrangement ('Scheme') between IndusInd Bank Limited ('Bank') and Bharat Financial Inclusion Limited (formerly known as 'SKS Microfinance Limited') ('BFIL') for, inter alia, the amalgamation of BFIL with the Bank, as approved by the Board of Directors of the Bank and BFIL on October 14, 2017, subject to receipt of applicable regulatory approvals. The amalgamation had received the approval of the Competition Commission of India on December 19, 2017.
In this regard, we have been informed by the Bank that the Reserve Bank of India has, vide its letter dated March 13, 2018 conveyed its 'no objection' for the voluntary amalgamation of BFIL with the Bank, subject to compliance with the terms and conditions specified therein.
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