South Indian Bank gets RBI's 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 Rs 6.95 apiece on the BSE, up 2.06 per cent from previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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