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Regional Rural Banks Mergers Won’t Need CCI Approvals
August 22, 2017
Approvals for mergers and acquisitions beyond a certain limit that are required from the fair-trade watchdog Competition Commission of India (CCI) won’t be necessary by the mergers of regional rural banks as per a recent notification. This move is expected to make a huge cut in the time usually taken for closing such transactions.
The Regional Rural Banks (RRBs) were set up under the RRB Act, 1976 to provide banking facilities to small farmers and laborers. Today, there are a total of 56 RRBs.
