Centrum Capital hits 52-week high as arm gets RBI nod to set up SFB

Shares of Centrum Capital rallied 16 per cent and hit a 52-week high of Rs 58.50 on the BSE in intra-day trade on Monday after Centrum Financial Services Limited (CFSL) received an “in-principle” approval from the Reserve Bank of India (RBI) to set up a Small Finance Bank (SFB). CFSL is step down subsidiary of Centrum Capital.

Centrum Group, on Friday, said it has also received approval from the RBI to take over the troubled cooperative lender Punjab and Maharashtra Co-operative Bank Limited (PMC Bank).

 “The Reserve Bank of India (RBI) has today decided to grant “in-principle” approval