RBI clears SBI Funds’s 10% buy in HDFC Bank

The RBI has given its approval to SBI Funds Management (SBIFML) to acquire up to 9.99% stake in HDFC Bank, the private sector lender said. It further said SBIFML has been advised by RBI to acquire the major shareholding in six months (by November 15, 2023). SBIFML has to ensure the aggregate holding in the bank remains below 10% of the paid-up share capital or voting rights of HDFC Bank at all times.