The Economic Times daily newspaper is available online now.

    CSB asks RBI for clarity on dealings with Watsa investees

    Synopsis

    These companies together hold a lot of cross-business opportunities for CSB.

    bank2-gettyGetty Images
    Once the bank gets clarity from the central bank, it may explore the possibility.
    Mumbai: CSB Bank has sought clarity from the Reserve Bank of India on whether it could conduct business with IIFL and Thomas Cook, which are partly owned by the bank’s promoter, Canadian billionaire Prem Watsa.

    “We have not done any transactions so far and are very sensitive about related-party transactions and have recently sought some clarification from RBI on that,” managing director CVR Rajendran said. “We have proactively written a letter to them (RBI) asking what kind of businesses we can do (with these entities). Once the bank gets clarity from the central bank, it may explore the possibility.”

    Watsa owns more than 35 per cent of IIFL, a holding company for a range of financial services spanning broking, NBFC, housing finance, wealth management, equities, investment banking and insurance distribution. He also owns over 77 per cent in Thomas Cook India. These companies together hold a lot of cross-business opportunities for CSB.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in