HDFC Bank has informed the stock exchanges that its subsidiary HDFC Asset Management Company Ltd has received approvals from the Reserve Bank of India (RBI) via different letters dated September 20, 2023, to acquire “aggregate holding” of up to 9.5% of the paid-up share capital or voting rights in each of the banks namely DCB Bank Ltd, Equitas Small Finance Bank Ltd, The Federal Bank Ltd, Karur Vysya Bank Ltd. and City Union Bank Ltd.
The said RBI approval is given pursuant to the application of HDFC AMC in accordance with the Master Direction – Reserve Bank of India (Acquisition and Holding of Shares or Voting Rights in Banking Companies) Directions, 2023 dated January 16, 2023. Accordingly, the term “aggregate holding” shall be construed as per the said directions,” the filing said.
