The Reserve Bank of India has turned down the proposal of Muthoot Finance Ltd. to acquire IDBI Bank’s mutual fund business, said sponsoring a mutual fund isn’t in consonance with the activity of an operating NBFC. According to a regulatory filing by IDBI Bank Ltd. on November 24, a share purchase agreement with regard to sale of IDBI Mutual Fund to Muthoot Finance was signed on November 22, 2019.
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