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RBI removes restrictions on CSB Bank to open new branches

Capital Market 

CSB Bank announced that the regulatory restrictions imposed by Reserve Bank of India on opening of new branches, vide their letter dated 30 January 2015 in view of the delayed Initial Public offering of shares of the Bank, have been lifted by RBI, with effect 10 January 2020.

Accordingly, the Bank can currently open branches under the general permission of Reserve Bank of India for all banks subject to the condition that the Bank should ensure that at least 25% of the total number of "Banking Outlets" opened during a financial year are opened in unbanked rural centres, which is applicable for all banks, as part of the general permission.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 14 2020. 17:50 IST