This ends nearly 10 months of uncertainty over the deal.
The terms of the earlier proposal were revised following the central bank's discomfort with the structure of the deal that entailed Axis Bank offering shares to Enam, while the acquisition was done by a subsidiary.
Sources familiar with the developments said the clearance came a few days earlier. While the details of the revised structure were not known, the sources said it would remain an all-stock deal.
The deal would still require approval from other regulators.
According to sources, while Axis Bank would acquire Enam's businesses through shares, the bank's subsidiary, Axis Securities and Sales, may pay cash to the bank before merging the businesses with itself.
The bank's board will soon meet to take stock.
Earlier on Friday, the bank issued a statement that the deal continued to be all-stock.
While giving its in-principle approval for the transaction in April this year, the central bank had also specified certain conditions, expected to increase the bank's tax burden.
As a result, the
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