The Reserve Bank of India (RBI) has conveyed its approval to ‘SBI Funds Management’ to acquire shares up to 10% of the paid up capital of CSB Bank through various schemes of ‘SBI Mutual Fund.’ As per the terms of Reserve Bank of India letter, this approval shall stand valid for one year period from the date of its letter i.e. till July 21, 2021.
SBI Funds Management through various schemes of SBI Mutual Fund is currently holding 4.734% in the paid up capital of the Bank.
CSB Bank, formerly the Catholic Syrian Bank, is one of the oldest private sector banks in India. Under its SME banking business, the bank caters to financial institutions, agriculture and allied businesses, and vendors and dealers of corporates.
