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Our Bureau

Mumbai , June 17

INDUSIND Bank has received the RBI approval for merger with group company, Ashok Leyland Finance Ltd (ALFL) with effect from April 1, 2003.

The merger would add Rs 3,000 crore of assets and a client base of 5 lakh to the bank, said the bank in a press note.

After the merger, Mr S. Nagarajan, Managing Director of the erstwhile ALFL, has been named Joint Managing Director of IndusInd Bank. He will be responsible for the bank's retail business division, which also includes the retail business of ALFL.

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