Competition Commission of India has approved the merger of IDFC with IDFC First Bank.

Daily Current Affairs / Competition Commission of India has approved the merger of IDFC with IDFC First Bank.

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Category : Business and economics Published on: October 20 2023

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In October, 2023, the Competition Commission of India has approved the merger of IDFC with IDFC First Bank.
This merger was approved by the board of directors of IDFC First Bank in July, 2023.
The merger will become effective after receiving approval from the Competition Commission of India and approval by the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the National Company Law Tribunal (NCLT).
IDFC holds about 31% stake in IDFC First Bank.
Infrastructure Development Finance Company (IDFC) was established in the year 1977.
IDFC First Bank was established in the year 2015.

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Competition Commission of India has approved the merger of IDFC with IDFC First Bank.