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RBI approved SBI Mutual Funds to acquire 9.99% of Equitas Small Finance Bank (SFB)

Published on January 05, 2023
Current Context: The Reserve Bank of India (RBI) gave SBI Funds Management Limited (SBIIFML - SBI Mutual Funds) permission to use various SBI Mutual Fund schemes to acquire up to 9.99% of the paid-up equity capital of Equitas Small Finance Bank (SFB) (formerly Equitas Microfinance Ltd).
RBI approved SBI Mutual Funds to acquire 9.99% of Equitas Small Finance Bank (SFB)
  • The Reserve Bank of India's (RBI) approval for SBI Mutual Funds to acquire a 9.99% stake in Equitas Small Finance Bank (SFB) is subject to certain conditions. These conditions include compliance with the provisions of the Banking Regulation Act, 1949, the Master Direction on Prior Approval for Acquisition of Shares or Voting Rights in Private Sector Banks, the Master Direction on Ownership in Private Sector Banks, the regulations issued by the Securities and Exchange Board of India, the Foreign Exchange Management Act, 1999, and any other relevant statutes.
  • Equitas SFB offers products and services to meet the needs of corporate clients, small and medium-sized businesses (SMEs), and people with restricted access to formal financial channels.
  • The aforesaid approval is valid for one year till January 2, 2024.
  • Equitas Small Finance Bank (SFB):
    • MD & CEO- Vasudevan P N
    • Headquarters- Chennai, Tamil Nadu
    • Establishment- 2016

Question:

Q.1 RBI approved the acquisition of SBI Mutual Funds to acquire 9.99% of which bank?
a. Yes Bank
b. AU SFB
c. Ujjivan SFB
d. Equitas SFB
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