Karur Vysya Bank Limited (KVB) shares surged 4.3% to ₹1,227.35, after the Reserve Bank of India (RBI) granted approval to SBI Mutual Fund (SBI MF) to acquire up to 9.99% of the paid-up share capital or voting rights of KVB. The approval has been granted with reference to the application made by SBI MF to RBI.