RBI approves scheme of arrangement between IDFC and IDFC Bank

Reserve Bank has approved a scheme of arrangement between IDFC and IDFC Bank.

"In this connection, we advise that we have no objection to the proposed scheme of arrangement subject to conditions laid down by the bank," RBI said in a no-objection certificate issued to IDFC.

The information was shared by infrastructure finance company IDFC Ltd on the BSE.

In April last year, IDFC bagged a licence from the RBI to set up a bank. Besides, Bandhan Financial Services Pvt was another successful entity.

Last year, IDFC received the board's approval to demerge its financial undertaking into a wholly-owned step-down subsidiary IDFC Bank Ltd.