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RBI gives nod to SBIFML to acquire 9.99% stake in HDFC Bank

Published on May 19, 2023
Current Context: RBI (Reserve Bank of India) has given its approval to SBI Funds Management (SBIFML) to acquire up to 9.99% stake in HDFC Bank, the private sector lender.
RBI gives nod to SBIFML to acquire 9.99% stake in HDFC Bank
  • The approval has been granted with reference to the application made by SBIFML to RBI, HDFC Bank said in an exchange filing.
  • SBIFML has been advised by the central bank to complete the said stake acquisition in the bank within a period of six months i.e. by November 15, 2023.
  • Further, SBIFML must ensure that the aggregate holding in the bank remains below 10 per cent of the paid-up share capital or voting rights of the bank at all times.

Question:

Q.1 Which entity has been approved by RBI to acquire up to 9.99% stake in HDFC Bank?
a. SBI Funds Management

b. SBI Life Insurance
c. SBI Mutual Fund
d. SBI Capital Markets
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