Bank Merger: Reserve Bank gave approval to merge these 2 banks

Bank Merger: Reserve Bank gave approval to merge these 2 banks, Will be effective from April 1st.

March 6,2024.

Reserve Bank gave approval

Reserve Bank of India has said that from April 1, 2024, two more banks are to be merged, which has received the approval of RBI. This time Fincare Small Finance Bank Ltd is going to be merged with AU Small Finance Bank Ltd. These two banks will become one from April 1.

Once again there will be a merger of banks in the country. 

All branches of Fincare Small Finance Bank Limited will function as branches of AU Small Finance Bank Limited with effect from April 01, 2024. On January 23, the Competition Commission of India (CCI) approved the merger between AU Small Finance Bank and Fincare Small Finance Bank.

AU Small Finance Bank provides personal and commercial banking services to its customers. This includes the facilities of deposit, loan, advance, debit-credit card as well as digital banking services.

You will get 579 shares instead of 2000.

Under this deal, this will happened that, shareholders of unlisted Finacare will get 579 shares of the listed AU SFB in the market for every 2,000 shares they hold.

This Informations  was given by them  on October 30

AU Small Finance Bank had given information about the merger with Fincare SFB on October 30. At present, it will still take a month to complete the merger of both.  also required The approval of the shareholders of both Fincare SFB and AU SFB . Apart from this, regulatory approval was also required from Reserve Bank and CCI.

There will be changes in their board also

After the merger, the Managing Director and CEO of Fincare SFB will become the Deputy CEO of AU SFB. Along with this, Divya Sehgal, Director of the Board of Fincare SFB will also be included in the board of AU Small Finance Bank.