CSB Bank gained after The Reserve Bank of India lifted restriction which it had imposed on Fairfax-backed CSB Bank on opening new branches in view of the delayed Initial Public Offering (IPO).
Private sector lender CSB Bank jumped over 4 percent in the morning trade on January 15 after the Reserve Bank of India lifted restriction which it had imposed on Fairfax-backed CSB Bank on opening new branches in view of the delayed Initial Public Offering (IPO).
We wish to inform you that the regulatory restrictions imposed by Reserve Bank of India on the opening of new branches in view of the delayed initial public offering of shares of the bank have been lifted by RBl, with effect January 10, 2020.
Accordingly, the Bank can currently open branches under the general permission of Reserve Bank of India for all banks subject to the condition that the Bank should ensure that at least 25 percent of the total number of "Banking Outlets" opened during a financial year are opened in unbanked rural centres, which is applicable for all banks, as part of the general permissíon, the bank said in a filing to the exchanges.
CSB Bank made a strong debut at the bourses at Rs 300, a 54 per cent premium to its issue price. The stock has since erased all its listing gains, and tanked 38 per cent from its life-time high of Rs 314, touched on the second day of its listing.At 09:25 hrs, CSB Bank was quoting at Rs 199.45, up Rs 6.30, or 3.26 percent. It has touched an intraday high of Rs 201.95 and an intraday low of Rs 197.