India's Capital First receives go signal for IDFC Bank merger

This follows approval from the competition commission.

Capital First, which provides loans to small businesses, has received approval from the Reserve Bank of India (RBI) for its merger with IDFC Bank.

The approval comes on the heels of a similar nod from the country’s competition commission.

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“We remain positive on merger with IDFCB as it leads to synergy benefits in the long run,” according to Maybank Kim Eng.

After receiving the RBI's nod, IDFC Bank will now have to approach the shareholders and creditors of the merged companies. The merger is expected to conclude by November 2018.