The Reserve Bank of India has allowed the lender to open 40 new branches. The bank was earlier debarred from opening new branches by the central bank. An email statement from the company stated that it has opened five branches and will open additional 35 branches by end of this month.
Shares of the Kolkata-based private lender rose as much as 7.85 percent, the most since Nov. 2, to Rs 509.
The stock has advanced 26 percent in the past 12 months compared to 7.7 percent in the S&P BSE Sensex Index.