The Competition Commission of India (CCI) has given go ahead to the proposed merger of microfinance company Bharat Financial Inclusion with IndusInd Bank.
The deal, first announced in October this year, is also subject to the approvals from the Reserve Bank of India and other statutory and regulatory approvals, including the approvals of the Stock Exchanges, SEBI, the National Company Law Tribunal and respective shareholders.
The merger will be effected through an all-stock transaction of BFIL into IndusInd through a composite scheme of arrangement.
After completion of merger, the combined entity will have 4,000 branches and outlets with around 16 million customers.
BFIL, formerly SKS Microfinance, had a customer base of 6.8 million and loan portfolio of INR77bn ($1.2bn) as of 30 June 2017.