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India's competition watchdog clears IndusInd Bank/Bharat Financial deal

India's competition watchdog cleared IndusInd Bank Ltd.'s planned acquisition of Bharat Financial Inclusion Ltd.

The Competition Commission of India considered the proposed transaction and approved the same during a Dec. 19 meeting, according to a same-day filing with the stock exchange.

IndusInd Bank had agreed to acquire Bharat Financial in an all-stock transaction in October.

The deal is still subject to approval from shareholders, the Reserve Bank of India and other regulatory bodies.