IndusInd bank receives approval for AUM business for mutual funds
The approval was communicated to the bank via a letter dated August 19, 2024. This marks a significant step in the bank’s strategic expansion into the asset management sector.
The shares of IndusInd bank surged more than 2.67 percent as the bank secured approval from the Reserve Bank of India to establish a wholly-owned subsidiary to undertake the asset management business of Mutual Funds.
The approval was communicated to the bank via a letter dated August 19, 2024. This marks a significant step in the bank’s strategic expansion into the asset management sector.
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“This is to inform that the Reserve Bank of India vide letter dated August 19, 2024, has accorded its approval to the Bank for setting up a wholly owned subsidiary to undertake asset management business of Mutual Fund along with infusing equity capital in the said asset management subsidiary, subject to the additional conditions as set out in the said letter”, as of the exchange filing.
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