RBI gives nod to SBI Funds Management to acquire up to 10 pc stake in CSB Bank

Private sector CSB Bank on Friday said the RBI has given its nod to SBI Funds Management to acquire up to 10 per cent stake in the lender.

The Reserve Bank of India, vide its letter dated July 22, 2020, has conveyed its approval to SBI Funds Management Private Limited to acquire shares up to 10 per cent of the paid up capital of the bank, CSB Bank said in a regulatory filing.

The investment will be through various schemes of SBI Mutual Fund, CSB Bank said.

The RBI approval will stand valid for one year till July 21, 2021, it added.

SBI Funds Management Private Limited, through various schemes of SBI Mutual Fund, is currently holding 4.734 per cent stake in CSB Bank, the filing said.

Stock of CSB Bank closed at Rs 193.20 apiece on BSE, up 4.57 per cent.