Bank of Rajasthan is now seeking approval from banking regulator, Reserve Bank of India in order to carry forward with its merger with ICICI Bank. The merger process has been finalized following approval by BoR shareholders.

The private sector lender will be filing an application with the apex bank along with supporting documents for approval of the merger process, it said to the BSE in a statement.

As per the merger deal, ICICI Bank would be paying Rs 188.4 per share for all the shares of BoR.

Indian Government is seeking more consolidation in the banking sector so as to make the lenders more competitive.