CURRENT AFFAIRS

Detailed explanation-1: -IndusInd Bank will complete its merger with Bharat Financial Inclusion by July 4. IndusInd Bank Ltd. will complete its merger with Bharat Financial Inclusion Ltd. by July 4, bringing an end to India’s first for-profit microlender.

Detailed explanation-2: -The merger will be effected through an all-stock transaction of Bharat Financial Inclusion Limited into IndusInd through a Composite Scheme of Arrangement (“Scheme”).

Detailed explanation-3: -Now this bank is merged with Indian Overseas Bank. All employees, deposits and advances are now of Indian Overseas Bank and no other website should be used.

Detailed explanation-4: -IndusInd Bank-Bharat Financial merger to be effective from July 4. In accordance with the scheme, Bharat Financial shareholders will get 639 shares of the bank for every 1, 000 held.

Detailed explanation-5: -Bharat Financial Inclusion Limited (formerly known as SKS Microfinance Limited) BFIL is a banking & finance company (NBFC), licensed by the Reserve Bank of India.