IndusInd Bank gets RBI nod to acquire IL&FS arm

Private sector lender IndusInd Bank on Thursday said it has received RBI's approval to buy the securities services arm of IL&FS. The deal size was however not known. "The Reserve Bank has granted approval for the proposed acquisition," IndusInd Bank said in a regulatory filing.

In March 2017, the bank entered an agreement with Infrastructure Leasing and Financial Services, the promoter shareholder of IL&FS Securities Services Ltd (ISSL), to acquire 100 per cent stake in ISSL.

ISSL was incorporated in FY 2007 as a subsidiary of IL&FS. It's a capital market intermediary for professional clearing, depository and custodial services.