CSB Bank shares are trading higher by over 2% after the Reserve Bank of India (RBI) lifted restrictions on the bank on opening new branches in view of the delayed Initial Public Offering (IPO).

The bank said in a regulatory filing, "the regulatory restrictions imposed by Reserve Bank of lndia on opening of new branches, vide their letter dated January 30, 2015 in view of the delayed lnitial Public offering of shares of the Bank, have been lifted by RBl, with effect January 10, 2020.

It added, "Accordingly, the Bank can currently open branches under the general permission of Reserve Bank of lndia for all banks subject to the condition that the Bank should ensure that atleast 25% of the total number of "Banking Outlets" opened dr-rring a financial year are opened in unbanked rural centres, which is applicable for all banks, as part of the general permissíon."

Fairfax Holdings currently holds 49.73% stake in the bank. The bank came up with an IPO in November 2019.

CSB Bank Ltd is currently trading at Rs196 up by Rs2.85 or 1.48% from its previous closing of Rs193.15 on the BSE.

The scrip opened at Rs197 and has touched a high and low of Rs201.95 and Rs196 respectively. So far 8,21,231 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs3,350.30cr.

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