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HDFC Bank Group receives RBI nod for investment in 6 Indian Banks Back
(06 Feb 2024)
The Reserve Bank of India vide its letters dated 05 February 2024, has given its approval to HDFC Bank ( which includes its group entities viz HDFC Mutual Fund, HDFC Life Insurance Company, HDFC ERGO General Insurance Company and others) to acquire gaggregate holdingh of up to 9.50% of the share capital or voting rights in the following Banks:

1. Axis Bank
2. Suryoday Small Finance Bank
3. ICICI Bank
4. Bandhan Bank
5. Yes Bank
6. IndusInd Bank

The approvals were granted pursuant to applications made by HDFC Bank (as a promoter/ sponsor of the Group) to RBI on 18 December 2023.

RBIfs approval is valid for a period of one year from the date of RBIfs letter, i.e., till 04 February 2025. Further HDFC Bank shall ensure that the gaggregate holdingh in the above]mentioned banks does not exceed 9.50% of the paid]up share capital or voting rights of the respective banks, at all times.