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According to Sumant Kathpalia the Managing Director and Chief Executive Officer of private sector lender IndusInd Bank said that the firm is considering the possibility of cross-selling insurance products from Reliance Capital.
The CEO of IndusInd Bank recently made an announcement that the bank's promoters will be allowed to grow their stake in the company.
The lender has alleged insolvency of ₹83 crore.
A show-cause notice has been issued to Induslnd Bank. The bank has been directed to pay the monetary penalty after considering its reply to the notice, examination of additional submissions and oral submissions made during the personal hearing.