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RBI approval for IDFC demerger

The Reserve Bank of India has approved the demerger of IDFC to IDFC Bank. The central bank said in a no objection certificate issued to IDFC that it has no objection to the proposed scheme of arrangement subject to conditions laid down by the bank. IDFC along with Bandhan Financial Services had received licence from RBI to start new banks. IDFC had said it will transfer its lending business including project finance, fixed income and treasury into the proposed IDFC Bank.

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