The Reserve Bank of India (RBI) on Monday approved IndusInd Bank to set up a wholly-owned subsidiary for asset management business of mutual funds, the lender said in an exchange notice on Monday.
“This is to inform that the Reserve Bank of India…has accorded its approval to the bank for setting up a wholly-owned subsidiary to undertake asset management business of mutual fund along with infusing equity capital in the said asset management subsidiary…,” the notice said.
Shares of the bank ended 1.3 per cent lower at ₹1,347.70 apiece on the BSE on Monday