Prabhu Bank along with NIC Asia gets Depository Participant license from CDSC; DPs reached 36

ShareSansar March 31:

Prabhu Bank Limited (PRVU) has been granted the license to work as a depository participant (DP) on Chait 16 by the Central Depository System of and Clearing Limited (CDSC).

Prabhu and NIC Asia had recently submitted applications to get the license to work as DP.

Prabhu Bank Limited becomes the latest commercial bank to get DP license from CDS and Clearing Limited. Earlier, NIC Asia got the depository participant license on Chaitra 3.  

Including Prabhu and NIC Asia, now the total number of depository participants has reached 36.

A press release issued by the CDSC says that depository participant license was granted to Prabhu as it fulfilled all the process and met the infrastructural requirements set for the depository participants.

The agreement was signed by Subodh Sharma Sigdel, the CEO of CDS and Clearing Limited and Ashok Serchan, the CEO of Prabhu Bank.