AU Small Finance Bank Ltd - 540611 - Receipt Of Approval From The Reserve Bank Of India For Amalgamation Of Fincare Small Finance Bank Limited With And Into AU Small Finance Bank Limited
In continuation to our letter dated January 23, 2024 informing about approval of Competition Commission of India for proposed amalgamation of Fincare Small Finance Bank Limited (Transferor Bank) with and into AU Small Finance Bank Limited (Transferee Bank), we would like to inform that the Bank has received order dated March 4, 2024 from the Reserve Bank of India ('RBI') conveying that pursuant to provisions of Section 44A of the Banking Regulation Act, 1949, RBI has sanctioned the scheme of amalgamation of Fincare Small Finance Bank Limited with and into AU Small Finance Bank Limited. The effective date of amalgamation shall be April 1, 2024 as approved by the RBI. The Scheme of Amalgamation has received all the necessary approvals from Bank's Shareholders, Competition Commission of India and the RBI. All the branches of Fincare Small Finance Bank Limited will function as branches of AU Small Finance Bank Limited with effect from April 01, 2024. Press release is attached.04-03-2024