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Fairfax had approached the Reserve Bank of India (RBI) evincing interest in investing Rs 1,000 crore in an Indian bank. RBI, in turn, forwarded the proposal to CSB, which accepted it.
Now, RBI has to give its in-principle approval. “We hope to get the in-principle approval from the banking regulator before December. And, 90 days is a good time to finish things from then,” said S Santhanakrishnan, chairman, CSB.
Santhanakrishnan is due to retire soon but will continue as director. T S Anantharaman is set to take over as the new chairman of CSB.
On the proposed Fairfax investment, Santhanakrishnan said: “It is good to raise money from one investor, instead of going around looking for capital.”