Team Blitz India
NEW DELHI: HDFC Group on February 6 announced that it had received the Reserve Bank of India’s (RBI) approval to acquire aggregate holding of up to 9.5 per cent of the paid-up share capital or voting rights in six banks. These banks include Axis Bank, Survoday Small Finance Bank, ICICI Bank, Bandhan Bank, YES Bank and IndusInd Bank.
In a regulatory filing, the HDFC Group said, “The approvals were granted pursuant to applications made by HDFC Bank (as a promoter/sponsor of the Group) to RBI on December 18, 2023.” HDFC Bank also said that it does not intend to invest in these banks but as the holding was likely to exceed 5 per cent, under the RBI rules, it made an application to increase the investment limits.
It added, “RBI’s approval is valid for a period of one year from the date of RBI’s letter, i.e., till February 4, 2025. Further, HDFC Bank shall ensure that the ‘aggregate holding’ in the above-mentioned banks does not exceed 9.50 per cent of the paid‐up share capital or voting rights of the respective banks, at all times.”
