The Reserve Bank of India (RBI) has sanctioned the Scheme of Amalgamation of Fincare Small Finance Bank (Transferor Bank) with AU Small Finance Bank (Transferee Bank). The Scheme has been sanctioned in exercise of the powers contained in sub-section (4) of Section 44A of the Banking Regulation Act, 1949.
The effective date of the amalgamation shall be April 01, 2024. All the branches of Fincare Small Finance Bank will function as branches of AU Small Finance Bank with effect from April 01, 2024.
AU Small Finance Bank is a small finance bank (SFB) that has recently transitioned from a prominent, retail focused nonbanking finance company (NBFC), which primarily served low and middle-income individuals and businesses that have limited or no access to formal banking and finance channels.
