Kotak Mahindra-ING Vysya merger gets RBI approval

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RBI_900449fThe Reserve Bank of India (RBI) has given the green signal to the merger deal between Kotak Mahindra Bank and ING Vysya Bank.

The deal would create the country’s fourth largest private sector lender.

“The scheme of amalgamation shall come into effect from April 1, 2015,” Kotak Mahindra Bank said in a statement.

The deal is worth Rs 15,000 crore.