The Reserve Bank of India (RBI) has granted an approval to SBI Funds Management Pvt to acquire shares up to 10 percent in CSB Bank, the bank informed the stock exchanges on July 24.
At present, SBI Funds Management holds 4.73 percent stake in the bank.
The stake will be increased through various schemes of ‘SBI Mutual Fund’, the bank said.
CSB was recently in the news after the lender said Axis Bank executive Pralay Mondal will join as President (Retail, SME, Operations and IT). Mondal is expected to join the private sector lender in September.
CSB shares closed up 4.47 percent at 193 apiece after RBI granted approval to SBI Funds Management to hike its stake.
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