IndusInd Bank's appointment will enable them to digitally collect State Government Revenue and Receipts.
Earlier on June 6, 2023, RBI guidelines allowed banks to offer resident clients onshore NDD Contracts.
Initially, the company will emphasize launching fixed-income products.
ICICI Bank can retain a stake of more than 30% but keep it below 48.02% of the company’s paid-up capital.
The bank experienced a 16% rise in credit growth.
Merger likely to be completed by July.
Bank's stock price down as it may miss inclusion in MSCI Standard Index.
IndusInd Bank will use the money for giving loans in the agricultural sector.
Total deposits at the end of March quarter stood at Rs 12.04 lakh crore.
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