Kopar Khairane

RBI approves HDFC Bank Group’s plan to buy up to 9.5% of Yes Bank, Axis Bank, and four other banks

<p>The Reserve Bank of India has given the HDFC Bank Group permission to purchase up to a 9.50 percent stake in six private lenders. The group may now invest in ICICI Bank, IndusInd Bank, Yes Bank, Axis Bank, Bandhan Bank, and Suryoday Small Finance Bank thanks to this license.</p>
<p><img decoding=”async” class=”alignnone wp-image-387887″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-rbi-approves-hdfc-bank-groups-plan-to-buy-up-to-9-5-of-yes-bank-axis-bank-and-four.jpg” alt=”theindiaprint.com rbi approves hdfc bank groups plan to buy up to 9 5 of yes bank axis bank and four” width=”1077″ height=”718″ title=”RBI approves HDFC Bank Group's plan to buy up to 9.5% of Yes Bank, Axis Bank, and four other banks 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-rbi-approves-hdfc-bank-groups-plan-to-buy-up-to-9-5-of-yes-bank-axis-bank-and-four.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-rbi-approves-hdfc-bank-groups-plan-to-buy-up-to-9-5-of-yes-bank-axis-bank-and-four-150×100.jpg 150w” sizes=”(max-width: 1077px) 100vw, 1077px” /></p>
<p>According to the corporation, the permission covers the asset management company, life insurance company, and other companies under the HDFC Bank group.</p>
<p>According to a bank exchange filing, the clearance for the equity acquisition is intended for investments by HDFC Asset Management Company (AMC), HDFC Ergo, and HDFC Life Insurance.</p>
<p>As of December 31, the holdings of HDFC Asset Management Company in ICICI Bank, IndusInd Bank, Yes Bank, Axis Bank, and Bandhan Bank ranged from 2.34% to 4.3%. Moneycontrol released an article.</p>
<p>Additionally, the RBI has ordered that the group have a significant stake in all banks within a year of the permission date; else, the license would be revoked.</p>
<p><strong>Indeed Bank</strong></p>
<p>The public owns all shares of Yes Bank, based on its ownership structure. Axis Bank, HDFC Bank, ICICI Bank, and Kotak Bank comprise the SBI-led consortium, which owns 37.23 percent of the lender, while LIC owns 4.34 percent.</p>
<p><strong>No stock in Suryoday Small Finance is owned by the group.</strong></p>
<p>The Banking Regulation Act of 1949, the RBI’s Master Direction and Guidelines on the Acquisition and Holding of Shares or Voting Rights in Banking Companies, dated January 16, 2023, FEMA, Sebi regulations, and other applicable regulations must all be complied with in order for the RBI to approve the transaction.</p>

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