RBI authorizes merger of AU Small Finance Bank with Fincare

The merger between AU Small Finance Bank and Fincare Small Finance Bank has been sanctioned by the RBI in Mumbai. The amalgamation is scheduled to take effect on April 1, 2024. After this, all Fincare SFB branches will function as AU SFB branches.

The Competition Commission of India had earlier in January 2024 approved the merger. In October 2023, the boards of directors of Fincare and AU authorized an all-stock merger between the two companies.