RBI Approves Merger Of Fincare SFB With AU Small Finance Bank

The Reserve Bank of India has approved the merger of Fincare Small Finance Bank Ltd. with AU Small Finance Bank. The merger comes into effect on April 1 and has been approved under Section 44A of the Banking Regulation Act, 1949. With this, all branches of Fincare Small Finance Bank will function as branches of AU Small Finance Bank. On Oct. 29, the board of AU Small Finance Bank, in its meeting, considered and approved the scheme of amalgamation. As a part of the merger, shareholders of Fincare Small Finance Bank would receive 579 equity shares of AU Small Finance Bank for every 2,000 shares held. However, back then, the transaction was subject to approval from the RBI and the Competition Commission of India