Banks are going to merge once again in the country. The Reserve Bank of India has said that the merger of two more banks will take place from April 1, 2024, which has received RBI's approval.
1st April this two bank margin
All branches of Fincare Small Finance Bank Limited will function as branches of AU Small Finance Bank Limited from April 01, 2024. On 23 January, the Competition Commission of India (CCI) approved the merger between AU Small Finance Bank and Fincare Small Finance Bank.
The merger was announced on 30 October
AU Small Finance Bank announced its merger with Fincare Small Finance Bank on October 30, 2023. The bank said efforts will be made to seek regulatory approval from the RBI and the Competition Commission of India after getting approval from shareholders. AU Small Finance Bank said that after this merger, the promoters of Fincare will receive around Rs. 700 crore capital will be invested. Under the deal, shareholders of unlisted Fincare will get 579 shares of listed AU SFB for every 2000 shares they hold.
The approval was received from the Competition Commission on January 23
After the merger of the two banks, Rajiv Yadav, MD and CEO of Fincare SFB, will become the Deputy CEO of AU SFB. Also, Divya Sehgal, director on the board of Fincare SFB, will join the board of AU SFB. The merger of these two banks was approved by the Competition Commission of India on January 23 this year. AU SFB gave this information in an exchange filing.
This time Fincare Small Finance Bank Ltd is going to merge with AU Small Finance Bank Ltd. These two banks will be merged from April 1.
Shares closed higher
AU Small Finance Bank's asset quality declined during the December quarter. The total NPA of the bank stood at 1.98 per cent in the third quarter of the current financial year. The bank's net profit was also better than expected at Rs. 375 crore was less. On Monday, shares of AU Small Finance Bank rose 0.26 percent to Rs. closed at 579.50.
Ban on Disbursement of Gold Loans to IIFL Finance
In another decision on Monday, the RBI banned IIFL Finance from disbursing gold loans. The Central Bank has taken this action due to material supervisory concerns. However, the company will continue to service its existing gold loan portfolio.
AU Altura Credit Card लाइफटाइम फ्री क्रेडिट कार्ड
💫 10% Instant Discount (Upto Rs 1,000) on Flipkart
💫 Additional 10% Off (Upto Rs 1000) on Myntra
💫 15% instant discount on Tata CLiQ
💫 10% off on Groceries (Upto Rs 100) on Blinkit app orders above Rs 499
💫 10% off on Swiggy Instamart (Upto Rs 100 per month) on Orders Above Rs 500
Apply Now : Check now
*Before apply any card please read terms and conditions
Note:
Before adopting any health tips, consult a doctor. Because no one knows better than your doctor what is appropriate or how appropriate for your body
🚨 : Warning : 🚨
અમારી પોસ્ટ/ફોટો/કન્ટેટ વાપરતા લોકો એ ક્રેડિટ (Backlink) આપવી જરૂરી છે. નક્કર મુશ્કેલીમાં મુકાઈ શકો છો. અમે આશા રાખીયે છીએ અમારી મેહનત ને તમે Credit જરૂર આપશો.
Note:
Before adopting any health tips, consult a doctor. Because no one knows better than your doctor what is appropriate or how appropriate for your body