IndusInd Bank has received approval from the Reserve Bank of India (RBI) to establish a wholly owned subsidiary focused on asset management business of Mutual Fund. The RBI’s approval includes infusion of equity capital into the new subsidiary, which will operate within the mutual fund sector.
The approval letter outlines additional conditions that IndusInd Bank must adhere to as it moves forward with setting up the asset management entity. The new subsidiary will be tasked with managing mutual fund assets, expanding the bank’s presence in the financial services sector.
In a statement, IndusInd Bank confirmed that details of this development have been uploaded to their official website. This step marks a significant expansion in the bank’s service offerings, allowing it to tap into the growing mutual fund market and enhance its asset management capabilities.
Meanwhile, IndusInd Bank’s shares closed 1.30% lower at Rs 1,347.70 each on the Bombay Stock Exchange (BSE).
IndusInd Bank gets RBI nod for asset management subsidiary
The RBI's approval includes infusion of equity capital into the new subsidiary, which will operate within the mutual fund sector.
Updated:
