IndusInd Bank to merge with Bharat Financial Inclusion on July 4

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:
Founded: 1994
Founder: S. P. Hinduja
Owner: Hinduja Group
Headquarters: Mumbai
CEO: Romesh Sobti
About BFIL:
Bharat Financial Inclusion Limited (BFIL) is a non-banking finance company, licensed by the Reserve Bank of India.
Founded: 1998
Founder: Vikram Akula
Headquarters: Hyderabad