The Indian bank will start its proposed operational subsidiary in another six months’ time as it is ready with the new company’s framework and is awaiting RBI’s approval.
The RBI had given the in-principle approval. The bank has on-boarded consultant and already finalised article of association and memorandum of association by the board in the last meeting. The India Bank is now approaching the RBI seeking permission to start operations.
This will be a new company and will do the back office operations and we expect this to go in stream in another six months. Initially to start with, bank may recruit 100 to 200 people and this organisation will require a separate chairman and CEO.
Once RBI’ green signal is secured bank will go to RoC to get the name of the company approved. Bank has suggested three to four names for the proposed operational subsidiary.
