The Reserve Bank of India (RBI) issued a notification on April 8, 2024, announcing the amalgamation of Fincare Small Finance Bank Limited into AU Small Finance Bank Limited, effective from April 1, 2024. This decision was made under the powers conferred by sub-section (4) of section 44A of the Banking Regulation Act, 1949. The RBI had previously sanctioned this amalgamation through an order dated March 4, 2024, which was published on the RBI website. As a result of this amalgamation, the RBI, exercising its powers under clause (b) of sub-section (6) of section 42 of the Reserve Bank of India Act, 1934, directed the exclusion of “Fincare Small Finance Bank Limited” from the Second Schedule to the said Act, effective from April 1, 2024, as the bank ceased to carry on banking business from that date. The notification was signed by Jayant Kumar Dash, Executive Director of the RBI.
RESERVE BANK OF INDIA
NOTIFICATION
New Delhi, the 8th April , 2024
DOR.HOL.No. S173/16-02-003/2024-25.—Whereas, the Reserve Bank of India has, in exercise of the powers conferred by sub section (4) of section 44A of the Banking Regulation Act,1949, accorded its sanction, vide Order dated March 04, 2024, published on the website of Reserve Bank of India, to the amalgamation of Fincare Small Finance Bank Limited into AU Small Finance Bank Limited with effect from April 01, 2024;
Now, therefore, in exercise of the powers conferred by clause (b) of sub section (6) of section 42 of the Reserve Bank of India Act, 1934 (2 of 1934), the Reserve Bank of India hereby directs the exclusion of “Fincare Small Finance Bank Limited” from the Second Schedule to the said Act with effect from April 01, 2024, as that bank ceased to carry on banking business with effect from that date.
JAYANT KUMAR DASH, Executive Director [ADVT.-III/4/Exty./112/2024-25]
