IndusInd Bank has received approval from Reserve Bank of India (RBI) for setting up a wholly owned subsidiary to undertake asset management business of Mutual Fund along with infusing equity capital in the said asset management subsidiary, subject to the additional conditions as set out in the said letter.
In Q1FY25, the bank had reported 2.18% rise in consolidated net profit at Rs 2170.79 crore as compared to Rs 2124.50 crore for the same quarter in the previous year.
IndusInd Bank is one of the fastest-growing banks in the banking sector in India.