The Reserve Bank of India (RBI) on Tuesday said it has authorised Union Bank of India to undertake primary dealership business departmentally from April 1.
"This is pursuant to the amalgamation of Corporation Bank into Union Bank in terms of the amalgamation of Andhra Bank and Corporation Bank into Union Bank of India Scheme, 2020, notified by the Government of India," the RBI said in a release.
Corporation Bank has a wholly-owned subsidiary, Corp Bank Securities Ltd (CBSL), which acted as a primary dealer (PD) till March 2007.
After that, the PD activity was surrendered to Corporation Bank under approvals from both the RBI and the company's board, according to information published on the website of CBSL.
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