The merger of Mumbai based Private sector lender ,IndusInd Bank and country’s leading micro-finance player, Bharat Financial Inclusion Ltd (BFIL) of Hyderabad will be effective on July 4, 2019.
- The boards of IndusInd and BFIL decided that on July 4, the NCLT (National Company Law Tribunal )Order will be filed by BFIL and IFIL with the Registrar of Companies.
- On June 10, 2019, The NCLT sanctioned the scheme of arrangement about BFIL, IndusInd, and IFIL (Induslnd Financial Inclusion )and their respective shareholders and creditors.
- In October 2018, IndusInd Bank decided to merge with BFIL which was previously known as SKS Microfinance.
- M R Rao, the current CEO of BFIL, will become the CEO of IndusInd Financial Inclusion Ltd (IFIL).
- The shareholders of Bharat Financial will get 639 shares of the bank for every 1,000 shares held.
- The Business Correspondent of BFIL will operate under IFIL and the Assets and liabilities of BFIL will be merged with IndusInd’s balance sheet.
About IndusInd Bank:
♦ CEO: Romesh Sobti
♦ Owner: Hinduja Group
♦ Founder: Vikram Akula
♦ Founded: 1998