South Indian Bank gets RBI approval for setting up non-financial subsidiary

RBI has given in-principle approval to Bank for setting up of a wholly-owned non-financial arm for undertaking activities permitted by RBI.

Aug 06, 2020 11:08 IST India Infoline News Service

South Indian Bank
South Indian Bank has got in principle approval from Reserve Bank of India  (RBI) for setting up a non-financial subsidiary.

“We wish to inform you that Reserve Bank of India vide letter  dated August 4, 2020, received Wednesday, has accorded in-principle approval for setting up of a wholly owned non-financial subsidiary for undertaking  activities permitted by RBI,” the private sector lender informed the exchanges Wednesday.

South Indian Bank Ltd is currently trading at Rs6.92, down by Rs0.03 or 0.43% from its previous closing of Rs6.95 on the BSE.

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