RBI approves HDFC Bank Group's acquisition of a 9.5% share in each of six banks.
thehindubusinessline.com
India
07-02-2024
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The Reserve Bank of India has granted permission to HDFC Bank, along with its group firms HDFC Mutual Fund, HDFC Life Insurance, and HDFC ERGO General Insurance, to purchase up to a 9.5% aggregate interest in six banks.
The lender informed the exchanges that the six banks include Suryoday SFB, the sole small financing bank, Axis Bank, YES Bank, IndusInd Bank, and Bandhan Bank.
After the bank applied on December 18, 2023, to be a sponsor or promoter of the group, the regulatory approval was obtained on January 5, 2024. The approval is good until February 4, 2025, a period of one year.
HDFC Mutual Fund held 2.76 percent of voting rights in ICICI Bank, 2.49 percent in Axis Bank, and 2.23 percent in IndusInd Bank as of December 2023. While HDFC Pension Management owned 1.88 percent of IndusInd Bank, HDFC Life Insurance owned 2.92 percent of Suryoday SFB. As of December 31, HDFC Bank owned 3% of YES Bank.