The Competition Commission of India (CCI) has given its clearance to the take over of the diamond and jewellery financing business of Royal Bank of Scotland (RBS) in India. The body passed an order recently approving the deal.

In its order dated June 15btu released yesterday, the CCI said, the acquisition is “not likely to have an appreciable adverse effect on competition in India".

It also stated that "post combination, the market share of the acquirer would not be significant so as to cause an appreciable adverse effect on competition in the relevant market”, adding that there area number of larger players such as SBI, BoI, ICICI, UBI etc who are also providing finance to the gemand jewellery  business.

The CCI also took note of the fact that clients who may opt to remain with RBS, or to migrate their business to other banks would not face any penalty or charges.