Private sector lender IndusInd Bank and Bharat Financial Inclusion Ltd (BFIL) announced their merger which will be effective from July 4. The National Company Law Tribunal on June 10, 2019, approved the Scheme of Arrangement among BFIL, IndusInd Bank and Induslnd Financial Inclusion and their respective shareholders and creditors.
BFIL’s current CEO MR Rao will take charge as CEO of IndusInd Financial Inclusion, which will house the Business Correspondent undertaking of BFIL.
About IndusInd Bank:
Founder: S. P. Hinduja
Owner: Hinduja Group
CEO: Romesh Sobti
Bharat Financial Inclusion Limited (BFIL) is a non-banking finance company, licensed by the Reserve Bank of India.
Founder: Vikram Akula