RBI Grants HDFC Bank Group Approval to Acquire Up to 9.5% Stakes in Yes Bank, IndusInd Bank, Axis Bank and Three Other Banks

The Reserve Bank of India has given approval to HDFC Bank Group to acquire stakes up to 9.50 percent in IndusInd Bank, Yes Bank, Axis Bank, ICICI Bank, Suryoday Small Finance Bank, and Bandhan Bank.

HDFC Bank clarified in an exchange filing that the approval covers investments by HDFC Asset Management Company, HDFC Ergo, and HDFC Life Insurance.

This approval has a one-year validity, and if HDFC Bank does not complete the acquisition within this period, the approval will be canceled.