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South Indian Bank gets RBI’s in-principle nod to set up non-financial subsidiary

Private sector lender South Indian Bank (SIB) on Wednesday said the RBI has given an in-principle approval for setting up a wholly owned non-financial subsidiary.

“We wish to inform that the Reserve Bank of India vide letter dated August 4, 2020, received today, has accorded in-principle approval for setting up of a wholly owned non-financial subsidiary for undertaking activities permitted by RBI,” it said in a regulatory filing.

Shares of SIB closed at ₹6.95 apiece on the BSE, up 2.06% from previous close.

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Printable version | Sep 24, 2020 9:27:55 PM | https://www.thehindu.com/business/south-indian-bank-gets-rbis-in-principle-nod-to-set-up-non-financial-subsidiary/article32282593.ece

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