RBI Approves SBI Funds Management to Acquire Stake in HDFC Bank

- Advertisement -

The Reserve Bank of India (RBI) has approved SBI Funds Management Limited (SBIFML) to acquire up to 9.99% of the paid-up share capital or voting rights of HDFC Bank. The approval is subject to certain conditions, including that SBIFML must acquire the stake within six months (by November 15, 2023) and that the aggregate holding in HDFC Bank remains below 10% at all times.

The approval comes as HDFC Bank and HDFC are in the process of merging. The merger is expected to be completed by July 2023.

HDFC Ltd. has already received approvals from the RBI, Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), Competition Commission of India, and the stock exchanges BSE and NSE.

- Advertisement -

The RBI has also allowed HDFC Bank or HDFC Ltd. to increase their shareholding in HDFC Life and HDFC ERGO to more than 50%. This will allow the merged entity to have a controlling stake in these two insurance companies.

The approval from the RBI is a major step forward for the merger of HDFC Bank and HDFC. It is expected to create the largest private sector bank in India with a combined asset base of over $250 billion. The merger is also expected to create synergies and improve efficiency, which will benefit customers and shareholders.

- Advertisement -

Share this article...

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More News...

Latest

Gold was so cheap in year 2000, Check Last 25 years Gold Rate

You will be surprised to know the Gold Rate in 2000, Check Last 25 years Gold Rate

Income Tax Department Recovers Rs.40 Crore Cash During Raids on Shoe Traders in Agra

Income Tax Department Recovers Rs. 40 Crore in Cash During Raids on Shoe Traders in Agra

Russian Court Orders Seizure of Deutsche Bank’s Assets, But Why?

Russian Court Orders Seizure of Deutsche Bank's Assets in Lawsuit Over Gas Processing Plant Construction Project

Man in UP received Rs 9,900 Crore in his Bank Account, Bank froze his account

Bank Account Software Glitch Leads to a Shocking Rs 9,900 Crore Balance in Uttar Pradesh Man's Account

Consumer Forum directs SBI to compensate customer for card cloning fraud

Consumer Forum directs SBI to compensate customer for card cloning fraud

Baroda Gramin Bank Officers protest against Regional Manager

Baroda Gramin Bank Officers protest against Regional Manager

PNB Bank Manager’s Wife commits suicide, Family says she was forced for Dowry

PNB Bank Manager's Wife commits suicide, Family says she was forced for Dowry

J&K High Court says Excess Salary paid to employee can’t be recovered after retirement

Jammu and Kashmir High Court Rules Against Recovery of Excess Payments to Retired Employee

Madras High Court: Employees Cannot Be Denied Pensionary Benefits Due To Administrative Delays

Landmark Ruling by Madras High Court: Administrative Delays Cannot Deprive Employees of Pensionary Benefits

Latest News