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.