South Indian Bank (SIB) on Wednesday said the Reserve Bank of India (RBI) has accorded in-principle approval for setting up a wholly owned non-financial subsidiary.
“We wish to inform you that Reserve Bank of India vide letter…dated 04-08-2020, received today, has accorded In-Principle approval for setting up of a Wholly Owned Non-Financial Subsidiary for undertaking activities permitted by RBI,” the Kerala-based Bank said in a regulatory filing.