HDFC Bank Group gets RBI nod to acquire up to 9.5% stakes in 6 banks, NBFCs including Yes Bank, IndusInd

The Reserve Bank of India has granted permission to HDFC Bank Group to acquire stakes of up to 9.50 percent in 6 banks and NBFCs including IndusInd Bank, Yes Bank, Axis Bank, ICICI Bank, Suryoday Small Finance Bank, and Bandhan Bank.

As per a filing with the exchanges, this approval for acquiring stake is intended for investments by HDFC Asset Management Company (AMC), HDFC Ergo and HDFC Life Insurance.

Also read/watch - Jio Financial Services dismisses talks to acquire Paytm's wallet business

HDFC Bank has been granted a one-year window by the Reserve Bank of India to secure the approved shareholding in various banks. Failure to do so within the stipulated period will result in the nullification of the approval.

The RBI approval is subject to compliance with the Banking Regulation Act, 1949, RBI's Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended), provisions of the Foreign Exchange Management Act, 1999, regulations by the Securities and Exchange Board of India (SEBI), and other applicable statutes, regulations, and guidelines, the filing noted.