CSB asks RBI for clarity on dealings with Watsa investees
These companies together hold a lot of cross-business opportunities for CSB.
“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.