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IndusInd Bank creates new subsidiary

IndusInd Bank Ltd. has incorporated a new subsidiary as part of its merger plan with Bharat Financial Inclusion Ltd.

IndusInd Bank incorporated IndusInd Financial Inclusion Ltd. on Aug. 6.

The move is part of the merger agreement with Bharat Financial Inclusion. The business correspondent business of Bharat Financial Inclusion will be transferred to IndusInd Financial Inclusion, which will operate as a dedicated business correspondent of the bank. IndusInd Financial Inclusion has not yet commenced business operations.