IndusInd Bank announced that it has received approval from the Reserve Bank of India (RBI) to establish a wholly owned subsidiary dedicated to the asset management business of mutual funds. The approval, communicated in a letter dated August 19, 2024, also permits the bank to infuse equity capital into the new subsidiary.
The move marks a significant expansion for IndusInd Bank into the asset management sector, allowing it to offer a wider range of financial services to its customers. The approval, however, is subject to certain additional conditions outlined by the RBI, which the bank will need to comply with as it moves forward with the setup of the subsidiary.
