The Competition Commission of India (CCI) has approved the proposal of Infrastructure Development Finance Company (IDFC) to merge with its banking arm IDFC First Bank."The CCI vide its letter dated October 17, 2023 has communicated that it .
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".the CCI vide its letter dated today, i.e. October 17, 2023 has communicated that it has considered and approved the combination under Green Channel Route," IDFC said in a regulatory filing.
After banks, it is now the non-bank financial institutions (NBFI) sector that has logged in a record volume of defaulted loans, in yet another data point that informs of the alarming state of the country’s overall financial sector.