IndusInd Bank and Bharat Financial merger to be effective from July 4

IndusInd Bank and Bharat Financial merger to be effective from July 4

IndusInd Bank and Bharat Financial merger to be effective from July 4

The merger of private sector lender IndusInd Bank and Bharat Financial Inclusion Ltd (BFIL) will be effective on July 4, 2019.

The National Company Law Tribunal on June 10, 2019 approved the Scheme of Arrangement among BFIL, IndusInd Bank and Induslnd Financial Inclusion and their respective shareholders and creditors.

All the employees of BFIL will become part of Induslnd family and BFIL current CEO MR Rao will take charge as CEO of IndusInd Financial Inclusion, which will house the Business Correspondent undertaking of BFIL.