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CCI approves IDFC merger plan with IDFC First Bank

Published on October 17, 2023

Current context:The Competition Commission of India (CCI) has approved the merger plan of IDFC with IDFC First Bank. The CCI communicated its approval on October 17, 2023.

  • However, the merger is still subject to various statutory and regulatory approvals including from the Stock Exchanges, Securities and Exchange Board of India, Reserve Bank of India, National Company Law Tribunal, and other statutory and regulatory authorities, and the respective shareholders and creditors.
  • The proposal for the merger was approved by the board of directors of IDFC and IDFC First Bank on July 3.

Question:

Q.1 Who approved the merger plan of IDFC with IDFC First Bank?
a. Reserve Bank of India
b. Securities and Exchange Board of India
c. Competition Commission of India
d. Ministry of Finance

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