Mutual fund business in India is increasing day by day. Lakhs of people in the country are investing in this business and earning crores of rupees. Meanwhile, the Reserve Bank of India has approved IndusInd Bank to enter the Mutual Fund business.
The bank has also given this information in its stock exchange filing. In a regulatory filing today on Monday, IndusInd Bank announced that it has received the central bank’s approval to set up an entity to undertake the asset management business of mutual funds.
Mutual Fund business: What did the bank say on the approval?
IndusInd Bank in its filing said, “It is informed that the Reserve Bank of India vide letter dated August 19, 2024, has permitted the Bank to set up a wholly owned subsidiary to undertake the asset management business of mutual funds. as well as to infuse equity capital into the said asset management subsidiary company, subject to the additional conditions set out in the said letter.”
It may be noted that IndusInd International Holdings, a Mauritius-based investment holding company with multiple investments in banking and financial assets, and Invesco had earlier said that they have entered into a definitive agreement to form a joint venture. Under this, IIHL (promoter of IndusInd Bank) will acquire a 60 percent stake in Invesco Asset Management India Limited.
IndusInd Bank Q1 Results 2024-25
IndusInd Bank released its quarterly results for the current financial year 2024-25. The company had seen a profit of 2 percent in its net profit. The private lender reported a 2 percent rise in its consolidated net profit in the first quarter of the current financial year to Rs 2,171 crore from Rs 2,124 crore in the same quarter last year, according to results known by the bank. IndusInd Bank’s net interest income also increased by 11 percent compared to the previous year.
About IndusInd Bank
According to the company’s official website, IndusInd Bank is one of India’s leading financial services brands. We are the preferred banking solutions provider and partner to approximately 41 million customers across the country, including individuals, large corporates, various government entities and public sector companies. Our banking network extends to 3013 branches/banking outlets and 2988 ATMs spread across India covering 1,60,000 villages and we also have representative offices in London, Dubai and Abu Dhabi.
