IndusInd Bank has set 4 July as the effective date of the merger with Bharat Financial Inclusion (BFIL). Post-merger BFIL will be known as IndusInd Financial Inclusion and the business correspondent network will be operating under this name. and M.R. Rao, current CEO of BFIL, will become the CEO of the new entity. All the assets and liabilities of BFIL will be merged with IndusInd Bank’s balance sheet. The NCLT had on 10 June approved the scheme of merger between IndusInd Bank and BFIL and the creation of IndusInd Financial Inclusion. The boards of the bank and BFIL will file the NCLT order with the registrar of companies on 4 July. Romesh Sobti, MD & CEO, IndusInd Bank, said the bank embarked on its transformational rural strategy over 3 years ago and the talent, capabilities and distribution of BFIL will enable the bank to play a more meaningful role in rural India fulfilling the ambition of building financial inclusiveness and sustainability in large swathes of unbanked and underbanked India.
