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

Published on June 23, 2019
IndusInd Bank and Bharat Financial Inclusion Ltd. (BFIL) announced that their merger will be effective from July 4th 2019.
IndusInd Bank-Bharat Financial merger to be effective from July 4

Details:

  • The National Company Law Tribunal on June 10th, 2019 approved the Scheme of Arrangement among BFIL, IndusInd Bank and Induslnd Financial Inclusion and their respective shareholders and creditors.
  • BFIL's current CEO M.R. Rao will take charge as CEO of IndusInd Financial Inclusion, which will house the Business Correspondent undertaking of BFIL.

About IndusInd Bank:

  • IndusInd bank was founded in 1994.
  • Its founder was S. P. Hinduja and the owner of the bank is the Hinduja Group.
  • It has its headquarters in Mumbai.
  • The CEO of IndusInd bank is Romesh Sobti.

About Bharat Financial Inclusion Limited (BFIL):

  • Bharat Financial Inclusion Limited (BFIL) is a non-banking finance company, licensed by the Reserve Bank of India.
  • It was founded in 1998 and its founder is Vikram Akula.
  • It has its headquarters in Hyderabad.

Question:

Q. Which bank and Bharat Financial Inclusion Ltd. (BFIL) announced that their merger will be effective from July 4th 2019?
a. HDFC Bank
b. IndusInd Bank
c. Kotak Mahindra Bank
d. YES Bank

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