IndusInd Bank gets RBI nod to set up mutual fund asset management business

IndusInd Bank has received the Reserve Bank of India's (RBI) approval to set up a subsidiary to undertake asset management business of mutual fund. The private lender said that RBI has also allowed it to infuse equity capital in the asset management subsidiary. Earlier this year, IndusInd International Holdings announced it was acquiring 60% stake in Invesco Asset Management India.