MoneyWorks4Me

Indian Bank gets RBI's nod to set up wholly owned operations support subsidiary

19 Jan 2024 Evaluate

Indian Bank has received an approval from the Reserve Bank of India (RBI) for setting up a new Wholly Owned Operations Support Subsidiary by the Bank. Earlier in September, RBI had imposed a monetary penalty of Rs 1.62 crore on Indian Bank (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances - Statutory and Other Restrictions’, ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ and ‘Reserve Bank of India (Interest Rate on Deposits) Directions, 2016’. 

Indian Bank was established as a part of the Swadeshi movement. The Bank provides a wide spectrum of banking products and services.


Peers
Company Name CMP
State Bank Of India 952.80
PNB 114.30
Bank Of Baroda 234.55
Canara Bank 119.00
Union Bank Of India 173.00
View more..