IndusInd Bank gets RBI nod to set up mutual fund asset management business
IndusInd Bank has received the Reserve Bank of India’s (RBI’s) nod to set up a mutual fund asset management business. It will be a wholly-owned subsidiary, the bank said in its filing to the exchanges on Monday.
The RBI has also allowed the private sector lender to infuse equity capital in the asset management subsidiary, the filing said.
The banking regulator on Monday intimated IndusInd Bank about the development through a letter.
More to come….
