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The Times of India

Business

PTI

RBI clears SBI Funds to buy up to 9.99% stake in HDFC Bank

HDFC Bank SBI RBI SBI Funds Management Reserve Bank of India Mumbai

MUMBAI: India's HDFC Bank said on Wednesday that the Reserve Bank of India had allowed SBI Funds Management Ltd to acquire a stake of up to 9.99% in the private lender.

The RBI has "advised" SBI Funds Management—a joint venture between State Bank of India and France's AMUNDI—to acquire the stake by November 15, 2023, HDFC Bank said.

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